US rapper 50 Cent, has reached a deal with his creditors that stipulates he pay $23 million dollars over the next five years.
The amount works out to be around $400,000 a month and is 74 per cent of what he originally owed them.
TMZ reports, that he has submitted a proposal through his lawyers which will need to be approved by bankruptcy Judge Ann Nevins.
Sleek Audio, 50’s biggest creditor, would receive $17.3 million under the terms of the proposal. SunTrust Bank’s in for about $4.9 mil. Meanwhile, Lastonia Leviston who got a $7 million judgment in the sex tape case – has settled on $6 million.
In addition to the $23 million commitment, 50 says he’s liquidating some assets to cover the debts. This still has to be approved.
It will be recalled that the Connecticut bankruptcy judge, Judge Ann Nevins scolded the Hip Hop star by warning him ‘to stop posting pics of cash, If you’re broke’ recently.