April 14, 200620 yr Pop star Michael Jackson has reached an agreement with music giant Sony to help ease his money worries. Jackson had been due to pay back $200m (£114m) in loans in December, which were secured on the Beatles back catalogue, jointly owned with Sony. A statement issued in Bahrain by Jackson adviser Grahame Nelson said the singer "has restructured his finances with the assistance of Sony". He has lived in Bahrain since being cleared of child abuse charges in June. "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," the statement added. Fortress was due to gain Jackson's share in Sony/ATV if he defaulted on the loans. Last month the house on Jackson's Neverland ranch in California was closed to cut costs, while during his child abuse trial prosecutors claimed he was a "spendaholic" with "a billionaire spending habit for only a millionaire's spending budget". http://news.bbc.co.uk/1/hi/entertainment/4909412.stm
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