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TOM Gist: 50 Cent Reportedly Submits 5-Year , $23 Million Plan To Pay Back Creditors



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50 centt

50 is on the road to solvency.

Last month, 50 Cent reached a deal with his creditors that stipulated he pay as much as 74% of what he originally owed them. At one point he referred to such an agreement as “indentured servitude,” but in the end he acquiesced. Now, it appears that the agreement is beginning to run its course. TMZ reports that 50’s lawyers have submitted a proposal in which their client would pay his creditors $23 million over the next five years.

Sleek Audio, 50’s biggest creditor, would receive $17.3 million under the terms of the proposal. 50 has also pledged to liquidate a portion of his remaining assets to cover debts beyond the $23 million agreement.

We’ll keep you posted on any updates in 50’s bankruptcy case… specifically, whether his proposal gets approved.

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