Previously, we began looking at the Chapter 11 bankruptcy process. As we noted, any proposed repayment plan must be approved by the court, and this doesn’t always happen right away. Here we wanted to offer several additional comments about the Chapter 11 bankruptcy process.
Earlier this month, Curtis James Jackson III—more commonly known as 50 Cent—was successful in having a Chapter 11 repayment plan approved. The bankruptcy filing comes after a series of financial difficulties, including millions of dollars of payments associated with a court judgment and an arbitration settlement.