BAMAPHIN 22
04-14-2006, 10:36 PM
Pop star Michael Jackson, in a bid to stave off insolvency, said Thursday he has reached a deal with creditors to refinance more than $200 million in loans secured by his prized stake in the Beatles’ song catalog.
The loans, which formally came due in December 2005, are held by the Fortress Investment Group, a New York private equity fund (To view links or images in this forum your post count must be 10 or greater. You currently have 0 posts.) that stood to gain Jackson’s 50 percent interest in Beatles publishing rights, valued at some $500 million, in the event of a default.
A statement issued from Jackson’s representatives in the Persian Gulf state of Bahrain, where he currently resides, said the singer has “restructured his finances” with help from Sony Corp. , which jointly owns the collection of more than 200 Beatles tunes through Sony/ATV Music Publishing.
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The loans, which formally came due in December 2005, are held by the Fortress Investment Group, a New York private equity fund (To view links or images in this forum your post count must be 10 or greater. You currently have 0 posts.) that stood to gain Jackson’s 50 percent interest in Beatles publishing rights, valued at some $500 million, in the event of a default.
A statement issued from Jackson’s representatives in the Persian Gulf state of Bahrain, where he currently resides, said the singer has “restructured his finances” with help from Sony Corp. , which jointly owns the collection of more than 200 Beatles tunes through Sony/ATV Music Publishing.
To view links or images in this forum your post count must be 10 or greater. You currently have 0 posts.