American judge agrees bankruptcy plan for rapper 50 Cent

Updated: 

A federal bankruptcy court judge in Connecticut has approved a plan for 50 Cent to reorganise his finances and pay back creditors.

The rapper, who burst onto the music scene in 2003 with his debut album Get Rich or Die Tryin', filed for bankruptcy a year ago.

50 Cent (David Jones/PA)
(David Jones/PA)

He cited debts of around £27.8 million and assets of less than £15.4 million.

American publication, The Hartford Courant, reports that 50 Cent will make around a £5.7 million million payment to begin the bankruptcy plan, which was reportedly approved on Wednesday.

The rapper's real name is Curtis James Jackson III.

Under the reported plan approved by the judge, creditors holding unsecured claims will receive 74 to 92 percent of the money they are owed, depending on how quickly 50 Cent makes the payments.