50 Cent Files For Bankruptcy

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NEW YORK, NY - OCTOBER 15:  Curtis "50 Cent" Jackson attends "Escape Plan" New York Premiere at Regal E-Walk on October 15, 2013 in New York City.  (Photo by Dave Kotinsky/Getty Images)

Rapper 50 Cent has filed for Chapter 11 bankruptcy protection, according to reports in the US.

The music star, businessman and actor, reported in court papers that he has assets and debts in the range of $10m to $50m (£6.5m- £32m), according to the Wall Street Journal.

The filing comes days after a jury ruled that he must pay $5m to a woman suing over a sex tape case.

50 Cent’s 2003 album Get Rich or Die Tryin‍’ catapulted him to global fame.

Real name Curtis James Jackson III, the Grammy-award winning rapper’s business interests have included clothes, boxing, drinks, and mining.

His stake in VitaminWater reportedly netted him tens of millions of dollar when Coca-Cola bought the drinks brand in 2007.

Chapter 11 allows companies time to re-organise their finances while protecting them from creditors’ demands.

Source: BBC