A Loan to Pay Off Debts

The pop superstar, in an effort to avoid bankruptcy, has reached an agreement with his creditors regarding the payment of his debts. To obtain a $200 million loan from the investment company Fortress in order to pay off his debts, Michael has pledged the Beatles catalog. Michael owns 50% of this catalog, which is valued at $500 million. In a statement released by Grahame Nelson, Michael’s representative in the Persian Gulf in the country of Bahrain, it is stated that Michael, with the help of Sony, has “put his financial situation in order.” This company is a partner with Michael in holding the rights to the Beatles catalog, which includes more than 200 songs. Source: eMJey / Reuters / AP