MUMBAI: Curtis Jackson aka 50 Cent’s boxing promotions company, SMS promotions has filed for bankruptcy, it has been reported.

According to court documents obtained by TMZ sports, the rapper’s company is in debt of an amount between $100,000 and $500,000. However, the company will stay in business, monitored by the bankruptcy court. Jackson’s lawyer stated that the action was necessary in order to keep the business running.

"This filing for bankruptcy protection permits SMS Promotions to continue the operation of its business, while it pursues an orderly reorganization of its affairs. 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," said Jr. partner at Neligan Foley, LLP and counsel for SMS Promotions, Patrick J. Neligan in a statement to Billboard.

Before declaring bankruptcy SMS promotions had elite fighters such as Yuriorkis Gamboa, Billy Dib and super middleweight contender Andre Dirrell on contract.

The ‘Candy Shop’ hitmaker launched SMS promotions at the end of 2012 after he split from his and and boxer Floyd Mayweather’s company- The Money Team.