Michael Jackson has restructured his finances in a deal with Sony Corp., which shares ownership of his valuable music catalog that includes the Beatles' hits, attorneys said in a statement.
No terms of the deal or the state of Jackson's finances, long believed to be troubled, were disclosed in a news release issued from Bahrain, where the pop star has been living since being acquitted of child molestation last year in California.
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Earlier published reports said Jackson was negotiating a $325 million debt refinancing plan that would save him from bankruptcy but deprive him of part of his share of the catalog.