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Jackson restructures debt payment

LOS ANGELES, April 14, 2006 (AFP) - Fallen pop star Michael Jackson has announced that he has restructured debt repayments, believed to total hundreds of millions of dollars, with the help of Sony Corp.

india Updated: Apr 15, 2006 19:51 IST

Fallen pop star Michael Jackson has announced that he has restructured debt repayments, believed to total hundreds of millions of dollars, with the help of Sony Corp.

Sony Corporation of America is the co-owner with Jackson of the Sony/ATV Music catalogue that includes Beatles' hits.

"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.                                                                                            

  Jackson's debt dance 

Citigroup structured the transaction for the parties," said a statement issued by Jackson's lawyers late Thursday in Bahrain, where he has been living.

Terms of the financing deal will not be disclosed, it added.

Jackson, who spent years racking up debt, has appeared on the brink of ruin several times in recent years.

Last month, he all but closed his sprawling California ranch after California authorities threatened to sue over unpaid wages to ranch employees.

Jackson used his stake in the song catalogue as part of the collateral for about $270 million in loans from Bank of America, The New YorkTimes reported Thursday.

The bank sold the loans last year to Fortress Investment Group, a New York-based investment company that buys distressed debt.

The entire music catalogue has been valued around $1billion, according to the paper.