ANNIE LEIBOVITZ - LEIBOVITZ ESCAPES FINANCIAL RUIN AFTER CREDITORS BACK OFF

LEIBOVITZ ESCAPES FINANCIAL RUIN AFTER CREDITORS BACK OFF

ANNIE LEIBOVITZ can breath a sigh of relief - creditors who sued the famed snapper over claims she reneged on a $24 million (£16 million) loan agreement have withdrawn the suit.
Leibovitz was given the huge sum by bosses at Art Capital Group, to help escape her "dire" financial circumstances.
She reportedly planned to sell her entire art collection and homes in Greenwich Village and Rhinebeck, New York, as part of the deal.
Instead, she was accused of flouting the terms of the loan and sued for breach of contract at Manhattan Supreme Court.
She was given a deadline of 3 October (09) to answer the suit, after a judge delayed the case to negotiate payment earlier this month (Sep09).
However, the lawsuit has now been withdrawn by Art Capital after the Vanity Fair photographer reportedly bought back the rights of her property and photographs.
It is not known what the new deadline for Leibovitz's loan repayment is.
In a statement, the photographer says, "In these challenging times I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support."