50 Cent's boxing company bankrupt

50 Cent's boxing company SMS Productions has filed for bankruptcy.

SMS Productions, which was founded by the rapper in 2012 and had some big names such as then-undefeated champion Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell, vows to stay in business, according to TMZ.

An attorney for SMS Promotions says 50 Cent, whose real name is Curtis Jackson, made the decision to file so the business could reorganise and emerge as a stronger company.

"Under the direction of Mr. Jackson, SMS Promotions looks forward to reorganising as a new corporate entity and becoming one of the leading promotion companies in the world of professional boxing.”

According to court documents seen by TMZ, the company filed for Chapter 11 on May 25 and revealed it has between $100,000 and $500,000 in debts.

SMS just put on a fight in Connecticut on May 15, though it clearly wasn't enough to turn the company around.