Jackson Confirms Financial Deal
14 April 2006
Jackson Confirms Financial Deal
LATEST: The details of pop superstar Michael Jackson's efforts to stave off bankruptcy have been confirmed by the singer's legal firm.
GRAHAME NELSON, of Qays H Zubi Attorneys + Legal Consultants, have issued a statement on behalf of the THRILLER hitmaker outlining his deal with record giant Sony, and the refinancing of his massive loans.
He said, "(Jackson) has restructured his finances with the assistance of Sony Corporation of America.
"Following negotiations with several leading financial institutions, Mr Jackson has concluded refinancing with affiliates of Fortress Investment Group, the lender that currently holds secured debts that were previously held by Bank of America."
Yesterday (13APR06) the New York Times reported Jackson has also negotiated a deal with Sony to hand over shares in his treasured THE Beatles back catalogue.
According to the publication, Sony could receive as much as 50 per cent of his interests. The deal would bring his stake in the catalogue down to just 25 per cent, as Sony already own half of the catalogue following the singer's previous financial difficulties.
Contactmusic
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