"Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs," the rapper's lawyer said in a statement. "Mr. Jackson's plan of reorganization received overwhelming support from his creditors and was confirmed without objection. The consensual plan resolves all of his creditors' claims and was the product of Mr. Jackson's good faith negotiations with his creditors and their confidence in his future prospects. Mr. Jackson appreciates the fresh start this process provides and looks forward to continued success in his personal and professional pursuits."
Specifically, Jackson owes $17 million to the audio equipment company Sleek Audio and $6 million to Lastonia Leviston. Jackson was prompted to file for bankruptcy after losing a privacy lawsuit to Leviston last year. As Billboard reported, Leviston — who has a daughter with 50 Cent's rival Rick Ross — claimed the rapper-actor acquired a sex tape she had made with her boyfriend and posted it online without permission.
Despite filing for bankruptcy last year, 50 Cent has remained busy. Last December, Jackson announced that he would play himself in My Friend 50, a potential Fox comedy series about an "unstable twentysomething" who believes joining the rapper-actor's entourage will solve her problems. In March, 50 teased a new A&E variety series, 50 Cent Presents, that he would host, produce and curate.