Kanye West appears to be facing a pretty serious cash crunch. Media Take Out confirmed that the rapper has placed several assets on the line for the sake of his clothing company Yeezy LLC.
The 46-year-old rapper is putting up much of his assets as collateral for a mysterious financial deals.
Yeezy LLC – the clothing umbrella owned by Kanye – entered into an agreement with logistics firm 1981 Distribution earlier this month.
The 1981 Distribution firm specializes in distributing and warehouse facilities for e-commerce and it appears the firm is handling Yeezy’s stock and shipping.
But the company needed “collateral” to enter into the distribution deal. And they looked to Kanye’s personal assets – a very unusual step.
As collateral for this deal, Kanye put up two luxury motors, his YZY Gap Apparel range, “various storage archive items” and “Stem Player designed by Teenage Engineering,”
The lien documents, which were filed in court, revealed a series of loans Kanye has been tied up in dating back to 2015 – which used his Wyoming home as collateral also.
In a deal with CGB Agri Financial Services, which lends money and leases agricultural machinery.
If the loan isn’t repaid, then the collateral includes all “irrigation equipment of every kind and nature, including but not limited to center irrigation pivots, pumps, PVC pipe, sprinklers and motors.”
