United States: Michael Jackson is close to a deal that would help him to avert bankruptcy by refinancing his debts and possibly selling part of his interest in scores of hits by The Beatles, The New York Times has reported.
The paper, citing people briefed on the plan, said the ongoing negotiations to refinance hundreds of millions of dollars of loans would require him at some point to offer Sony Corp part of his interest in a song catalogue that includes many of The Beatles' best-known songs.
Jackson (47), who was cleared last June of criminal charges of sexually abusing a boy at his Neverland Valley Ranch, has spent much of his time since the trial in Bahrain.
Prosecutors asserted during the trial that the pop singer was in precarious financial shape due to mounting debts.
He narrowly escaped legal action by the state of California earlier this year for failing to pay employees at his ranch.
He paid the salaries last month.
- (Reuters)