Leibovitz wins reprieve on $24M loan
Last Updated: Saturday, September 12, 2009 | 1:05 AM ET
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Celebrity photographer Annie Leibovitz has won an extension in a financial dispute that threatened to strip her of the rights to her many famous images.
Art Capital Group, a financial services company specializing in the art world, announced Friday that it has given the U.S. photographer more time to repay her $24-million US loan.
It did not say how long the extension would last, but it has withdrawn its lawsuit against Leibovitz, 59.
Art Capital Group had loaned the photographer money to cover her debts, but she had to put up the rights to her images as collateral.
Leibovitz, who has taken many memorable images of actors, artists, politicians, musicians and other public figures, including one of a pregnant Demi Moore, got into financial trouble because her spending outstripped her considerable income.
She faced a deadline to pay the loan on Tuesday, but neither side released information about what was happening as the deadline passed.
The photographer has created images for Vanity Fair, Rolling Stone and Vogue and shot such famous subjects as John Lennon and the Queen.
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