SMS Promotions, 50 Cent’s boxing company, has just filed for bankruptcy; however, company execs are confident that it will stay afloat, this according to TMZ.

The Queens rapper began his foray into the boxing realm back in 2012, and his company has achieved success with notable talented contenders like Yuriorkis Gamboa, James Kirkland, and former Olympian Andre Dirrell.

Connecticut court documents obtained by TMZ confirm that on Monday the company filed for Chapter 11 bankruptcy due to reportedly owing between $100,000 and $500,000 in unpaid debts. SMS Promotions held a fight as recently as May 15th but it seems as though the bout did not make enough to keep the company financially afloat.

An attorney for the company said 50 made the decision to declare bankruptcy so the company could reorganize.

“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.”
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