September 11, 2009

Leibovitz and creditors make a deal

Annie Leibovitz and her creditors settled a dispute in New York Friday, allowing the celebrity photographer to retain the rights to her images.

Leibovitz is known for shooting A-list performers such as John Lennon, Tom Cruise, Demi Moore and Miley Cyrus for well-regarded publications like Vanity Fair and Rolling Stone.

ABC News said Leibovitz's revised pact with Art Capital Group extends the $24 million loan the famous photographer was scheduled to pay back Tuesday.

The terms of the new agreement or when the new loan payment deadline is reportedly were not disclosed.

Leibovitz will therefore retain control of those assets within the context of the loan agreement, which shall prevail until satisfied, ABC quoted the parties as saying in a joint statement.

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 in a statement. I also want to thank my family, friends and colleagues for being there for me and look forward to concentrating on my work.