Jacko sorts finances with Sony
Jacko sorts finances with Sony
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Friday, 14, Apr 2006 01:45
Michael Jackson has agreed to a refinancing deal in order to avoid insolvency owing to debts of around $200 million in secured loans.
The so-called king of pop had defaulted on the loans, which are secured on his stake in the Beatles' back catalogue, when they were due for repayment in December of last year.
Fortress Investment Group, which holds the loans, was to gain the star's 50 per cent share in the catalogue which is thought to be worth in the region of $1 billion.
A statement issued by Jackson's representatives in Bahrain, where the singer has lived since the end of his child abuse trial, said that he "has restructured his finances with the assistance of Sony".
The music giant jointly owns the rights to the collection of songs through Sony/ATV Music Publishing.
Although a deal has been confirmed, the terms have not been disclosed and it is unclear how much of the catalogue, which holds 200 Beatles songs in addition to the works of other artists, Jackson will retain.
According to media reports, it is rumoured that Sony may purchase half of Jackson's stake, leaving him with a 25 per cent share.
The singer was cleared of child abuse allegations in June of last year, but has since had to close his sprawling Neverland ranch owing to its running costs.