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Jacko wants loan for debt
22/12/2005 20:56 - (SA)
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| Michael needs financial help |
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Los Angeles - US pop star Michael Jackson has been negotiating for a loan extension to avoid losing his stake in the Beatles catalogue and Neverland ranch, The Los Angeles Times reported on Wednesday.
Jackson, about $270m in debt, is seeking a six-month extension on repayment, the Los Angeles daily said.
Jackson borrowed about $200m from a bank in April, and now owes Fortress Investment finance company.
The loan was due on Tuesday and part of Jackson's collateral is his 50% ownership in Sony/ATV Music Publishing, which owns over 250 Beatles songs, among other properties.
The company owns 4 000 songs in all, including some of Jackson's, and the singer's ranch, the newspaper said, and Jackson's part is worth $500m.
According to the Times, which cites anonymous sources, Jackson's lawyers were negotiating with Fortress to avoid default, and the forced sale of the assets.
The daily said Jackson sought a six-month extension and avoid interest charges that could hit about $1.5m per month.
Jackson has been living in Bahrain. He was acquitted on charges he molested a boy at Neverland. He has been sued several times for overdue bills, the daily said.
- AFP
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