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50 Cent’s Boxing Company Goes Bankrupt

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50 Cent seems like quite the businessman and entrepreneur these days. But recent news of his boxing company, SMS Promotions, which was launched by 50 in 2012, filed for Chapter 11 on May 25th in Connecticut. Court documents show that the company has racked up between $100K and $500k in debts.

Most recently, SMS Productions hosted a “Night Of Power” boxing event in Connecticut, but it wasn’t enough to pull the company above water. An attorney for SMS Promotions released a statement disclosing, “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.”

It’s good to see that Fif’s company has no intention of shutting down. Maybe he can get some tips from his successful boxing pal Floyd Mayweather.

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