September 11, 2009

Leibovitz Settles $24M Loan Lawsuit

Annie Leibovitz has settled a lawsuit with Art Capital Group over her outstanding $24 million debt, the New York Times reports. The celebrity photographer bought back the rights to her homes and intellectual property—both collateral in the loan—for an undisclosed sum as part of the restructuring deal. Struck before her Sept. 8 payment deadline, the agreement "extends the maturity date" of her loan, a joint statement said.

“In these challenging times I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support,” Leibovitz said. “I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work.”

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