12 Sep 2009

Loan reprieve for Leibovitz

5:15 pm on 12 September 2009

Celebrated American photographer Annie Leibovitz has won a reprieve from possible bankruptcy when her creditors agreed to an extension of a $US24 million loan.

The settlement on Friday comes three days after an initial deadline expired for her to repay the money, or risk losing her photo back-catalogue and a number of luxury properties.

The BBC reports Ms Leibovitz has multimillion-dollar mortgages on properties in New York and a history of unpaid bills and taxes.

She took out the loan to repay her debts but the security was her life's work and her properties.

Ms Leibovitz was originally given until 8 September to repay the loan. The period of the extension is not known.

Under the agreement, she will also retain control over copyright.

Ms Leibovitz's most famous images include a photograph of John Lennon taken hours before he was assassinated, and a nude portrait of pregnant actress Demi Moore for the cover of Vanity Fair magazine.