Ryan Pierse/Getty Images50 Cent‘s Chapter 11 reorganization plan was approved by a judge on Wednesday, according to The Hartford Courant.
Under the agreement, creditors holding unsecured claims against the rapper — whose birth name is Curtis James Jackson III — will receive 74 percent to 92 percent of the money they are owed, depending on how quickly he makes payments.
Fiddy, who owns a mansion in Farmington, Connecticut, that’s up for sale, will pay $23.4 million in cash to fund the plan, according to the newspaper.
The rapper, who turned 41 Wednesday, claimed about $20 million in assets and about $32.6 million in liabilities.
He filed for bankruptcy a year ago after losing a privacy lawsuit in state court in New York to Lastonia Leviston. Jackson posted a sex tape featuring Leviston and another rapper on his website without her permission, she claimed. A jury awarded her seven million dollars.
Around the same time, Jackson was also ordered to pay an arbitration award in connection with a deal to produce headphones. Sleek Audio, the company that made the ill-fated headphones deal, won an $18.1 million arbitration award against Jackson.
Sleek Audio and its owners will receive $17.5 million under the bankruptcy plan. Leviston agreed to take six million dollars under the bankruptcy plan.
SunTrust Guaranty Co., which holds the mortgage on 50 Cent’s mansion and made another loan to him, will receive $3.89 million.
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