Just one year after filing for bankruptcy Young Buck is being forced into liquidation, after his bankruptcy trustee says that he "no longer has a viable shot at reorganizing."
He originally filed for Chapter 11 bankruptcy, but is now on the brink of Chapter 7 liquidation, which will lead to all of his assets being sold and distributed among his creditors.
Since the beginning of the year his trustee has been hard at work to help Buck escape bankruptcy by attempting to modify his recording contract with 50 Cent's G-Unit Records and distribution contract with Universal Music Group. However, both groups have opposed the plan.
"At this time, because no agreement has been reached with G-Unit and Curtis Jackson regarding either assumption or rejection for the recording agreement and/or the publishing agreement, the first amended plan cannot be confirmed. The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point."
Buck is scheduled for a hearing on January 30, where it will be determined whether all of his assets will be completely liquidated. He also has the option of asking the court to exempt certain assets from bankruptcy and to release him from certain debts.
Source: hiphopdx.com
