Michael Jackson is allegedly close to cutting a deal that would stave off his imminent bankruptcy.
It is reported that he will agree to give up a part of his a song catalogue that includes Beatles' hits to the Sony Corporation, it is estimated that Jackson's share is worth around $500M.
Jackson used his stake in the catalogue as part of the collateral for $270M in loans from Bank of America. Bank of America then sold the loans in 2005 to Fortress Investment Group, a New York-based investment company that buys distressed debt.
As part of the new agreement, Fortress has agreed to provide a new $300M loan and reduce the interest payments.
Jackson has reportedly agreed to provide Sony with an option to buy half of his stake at a set price.
We shall see.