In-Debt Wacko Jacko Flogs Songs

Michael Jackson is reported to be selling off half of his share in his valuable Beatles song catalogue to stave off huge debt problems. A statement issued from Jackson's representatives in Bahrain, where he now lives, said the singer had "restructured his finances". The deal involves more than £114m in loans secured by his stake in the Beatles' songs. The loans, which were due to be repaid in December 2005, are held by a New York private equity fund. The company stood to gain Jackson's 50% interest in the Beatles publishing rights, valued at some £285m, if he defaulted. The other half of the collection of more than 200 Beatles tunes is owned by Sony/ATV Music Publishing. Sources have said Jackson had agreed to provide Sony with an option to buy about 25% of the catalogue, or half of his stake. One said the singer also negotiated a lower interest rate on his debt. Jackson, 47, is deep in debt after years of extravagant spending, according to testimony at his trial on child molestation charges last year. He was acquitted on all charges last June after the trial that had threatened to destroy his career and send him to prison for nearly two decades.