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 The 40-year-old New York born entertainer called the
voluntary Chapter 11 filing in a Connecticut bankruptcy court a
"strategic business move" that would not affect fans.
"They won't see any adjustments ... I'm clear on my target and
I'm not going to allow myself to fall apart based on little
things," 50 Cent told Reuters in Los Angeles while promoting his
forthcoming film "Southpaw."
Lawyers for the "Get Rich or Die Tryin" singer filed court
papers in U.S. Bankruptcy Court in Hartford under the musician's
real name, Curtis James Jackson III.
It came two months after 50 Cent filed for bankruptcy protection
for his SMS Promotions boxing promotion company, and three days
after the rapper was ordered by a Manhattan court to pay $5
million in damages to a woman over a sex tape posted online in
2009.
The court case stemmed from a video in which the rapper is
accused of adding a commentary to a tape that the woman made
with her boyfriend, and posting it online without her
permission.
The woman in the sex tape on Monday filed court papers in a bid
to continue with the punitive damages phase of the trial
involving 50 Cent, which would normally be halted under the
bankruptcy filing.
In May, Forbes named 50 Cent as one of the five wealthiest
hip-hop artists in the United States with a net worth of $155
million, largely from his business interests in clothing,
beverages and music technology.
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William Brewer, an attorney for 50 Cent, said in a statement that
the bankruptcy filing would allow him to "continue his involvement
with various business interests and continue his work as an
entertainer" while he reorganizes his financial affairs.
Monday's bankruptcy filing lists his liabilities as in the region of
$10 million to $50 million and his estimated assets in the same
range.
The rapper has sold more than 30 million albums worldwide and won a
Grammy Award in 2010. He has also worked as an actor, appearing in
the 2008 film "Righteous Kill," and as a boxing promoter.
His latest movie "Southpaw," in which he plays a manipulative
manager and boxing promoter, is due for release in U.S. movie
theaters next week.
(Reporting by Jill Serjeant in New York and Piya Sinha-Roy in Los
Angeles; Editing by Will Dunham and Mohammad Zargham)
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