Michael Jackson Escapes Bankruptcy

Troubled pop star Michael Jackson has starved off bankruptcy by restructuring his finances.

Following speculation Jackson would put up his stake in The Beatles back catalogue to stabilise his finances, Qays H Zubi Attorneys & Legal Consultants have confirmed the star has cut a deal with Sony.

The firm's Grahame Nelson said in a statement, “Jackson has restructured his finances with the assistance of Sony Corporation of America.

“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.”

Jackson has been in dire financial difficulties following his acquittal on child molestation charges last year, and is thought to have offered up an option for Sony to buy half of his 50-per-cent share in the Beatles back catalogue.