50 Cent has now proven that even an astute business man can take a loss. According to TMZ, the G-Unit general’s boxing company, SMS Promotions, has filed for bankruptcy.
Though planning to stay in business, SMS Promotions has incurred between $100K and $500K of debt, according to documents filed in a Connecticut court, TMZ reports. The company was founded in 2012, and most recently hosted a “Night of Power” boxing event in Connecticut (May 15). In a statement released to Billboard, 50 Cent’s rep described the move as an effort to reorganize.
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“The filing allows the company to reorganize in an effort to protect its investment in worldwide boxing promotion and a promising stable of talented, young fighters,” the statement read.
An attorney for SMS Promotions echoed that statement, expressing trust in 50’s savvy.
“Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganizing as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”