Sony Music has reportedly coordinated a deal with Fortress Investments regarding Michael Jackson's much reported debts. Fortress acquired some $270 million of Jackson's loans off the Bank Of America last year. According to Fox News columnist Roger Friedman, the new deal will see the loans transferred to Citigroup. Sony are apparently concerned Fortress could, as early as this week, make moves to sell off Jackson's 50% share of the Sony ATV Music publishing company to reclaim their money. Sony are concerned Fortress would do this at a bankruptcy auction, and that they would have no control over who acquired the other half of their publishing business. The transfer of the loans to Citigroup would postpone any forced sale of Jackson's share. Neither Sony, Jackson or Fortress's people have as yet commented on those reports.
Friedman also reports that Jackson's plans to launch a record label with his current benefactor, Sheik Abdulla bin Hamad Al Khalifa, continue, despite other reports that the relationship between the singer and the Bahraini prince has become less amicable of late. Both Universal and Sony are rumoured to be considering distribution deals with the new label. Whether that label will release new Jackson music remains to be seen - though its first venture, the much reported charity single in aid of those who suffered during Hurricane Katrina, is said to be finally nearing completion.