50 Cent's SMS Promotions files for bankruptcy

TMZ Sports obtained documents that show that 50 Cent's boxing promotional company, SMS Promotions, has just filed for bankruptcy in US courts. Now before you start thinking this spells the end of 50's tour in the boxing promotion business, just know that they insist they'll be staying in business.

The court documents, filed in Connecticut, state that the company has somewhere between $100K-$500K in debt, which in the grand scheme of things, doesn't really amount to a whole lot for someone like Fiddy. So it appears that 50 Cent is taking this opportunity to restructure the organization now, before hopefully coming back stronger - according to what his attorney say, at least.

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

SMS Promotions was launched in 2012 after a failed attempt at a joint venture with then-bestie, Floyd Mayweather Jr. After the two had a falling out (over money, of course), 50 decided to go on and get into the promoting game all by his lonesome. He seemed to have built a decent initial stable of fighters when he signed Yuriokis Gamboa, Billy Dib, James Kirkland, and Andre Dirrell to promotional deals. But just a few short years later and that cupboard isn't looking nearly as good as it once did. Gamboa would get knocked out by Terence Crawford after jumping divisions, Billy Dib lost in his first fight with the company (and a couple more times since), Kirkland is...Kirkland, and Andre Dirrell defected from the company a while back.

All in all, it looks to be tough sledding for the company from here on in. Whatever corporate entity emerges from bankruptcy court, they'll need to add some new talent (and perhaps investors) as soon as possible.