50 Cent‘s boxing promotion company SMS Promotions has filed for bankruptcy, according to a statement the rapper’s reps sent to Billboard.
SMS Promotions will “continue the operation of its business” and take advantage of the filing to “reorganize in an effort to protect its investment in worldwide boxing.”
The statement reads:
“SMS Promotions, LLC, (SMS Promotions) a boxing promotion company owned by Curtis Jackson, a/k/a 50 Cent, today announced that it has filed for relief under chapter 11 of the Bankruptcy Code. 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.
“SMS Promotions is expected to continue operating under the supervision of the bankruptcy court – in furtherance of its mission to become one of the world’s leading boxing and sports promotion companies. Founded in 2012, SMS Promotions has gained international fame as the promoter of landmark sporting events and superstar fighters such as junior middleweight James Kirkland.
“This filing for bankruptcy protection permits SMS Promotions to continue the operation of its business, while it pursues an orderly reorganization of its affairs,” says Patrick J. Neligan, Jr., partner at Neligan Foley, LLP and counsel for SMS Promotions. “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.”
According to court documents that TMZ Sports obtained, the company filed for Chapter 11 on Monday in Connecticut. They’re reportedly in $100,000-500,000 worth of debt.
50 Cent launched SMS Promotions at the end of 2012, shortly after him and boxer Floyd Mayweather parted ways from their company, The Money Team. SMS Promotions signed four fighters including Yuriorkis Gamboa, Andrew Dirrell, Billy Dib and Celestino Caballero.
This article first appeared on Billboard.com.