Renowned photographer Annie Leibovitz has been given more time repay a multi-million dollar loan.
Press Release Service – Wired PR News – Celebrated photographer Annie Leibovitz has been given an extension on a multimillion dollar loan for which she used copyrights of her famous works as collateral. As reported by the Associated Press (AP), Leibovitz reached an agreement with Art Capital Group following the passing of Tuesday’s deadline to repay the company $24 million.
Leibovitz is quoted by the AP as stating of the agreement, “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.”
As noted in the report, Leibovitz was able to buy back the rights to her works in accordance with the agreement. Art Capital is quoted as stating of the resolution, “It was important to us to be flexible and to work out an agreement with Ms. Leibovitz that helps her achieve financial stability.”
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