Jackson Staves Off Bankruptcy
Pop superstar Michael Jackson has manoeuvred himself out of bankruptcy by refinancing hundreds of millions of dollars in loans. The THRILLER hitmaker has also negotiated a deal with record giant Sony Corp to hand over shares in his treasured THE Beatles back catalogue, the New York Times reports. 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. Jackson has been plagued by financial problems after his prolonged child molestation trial last summer (05). He is speculated to be $250 million (GBP150 million) in debt, and was forced to shut down the house on his Neverland Ranch in a desperate bid to save cash.