Jacko refinances to avoid bankruptcy

Michael Jackson has been forced into the sale, which could include songs written by the Beatles, as he owes the Fortress Investment Group some $270 million and is allegedly struggling to meet the $4.5 million monthly interest payments.

The news, which was revealed by the New York Times, also indicated that as part of a refinancing deal Jackson would be leant $300 million and his interest payments would be reduced.

In return for this, he has agreed to sell a 25 per cent stake in the ATV music catalogue, which he jointly owns with Sony records.

It is believed that the catalogue, which contains over 4,000 songs, is worth some $1 billion.