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Annie Leibovitz reaches resolution with Art Capital over $24-million loan

September 11, 2009 | 11:13 am

Annie Nearly three days after a deadline passed for Annie Leibovitz to repay a $24-million loan to Art Capital Group, the celebrity photographer announced today that she has reached an agreement with her creditor, according to a report from Bloomberg News.

In a joint statement with Art Capital, Leibovitz said she has bought back control of her photographs and New York homes by renegotiating the terms of the loan.

The photographer had put up as collateral rights to her images as well as the control over two homes in Manhattan and another in upstate New York.

Art Capital said it has agreed to drop a lawsuit against Leibovitz as part of the resolution. The lawsuit had accused the photographer of not cooperating with the terms of their loan 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," 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.”

— David Ng

Photo: Annie Leibovitz. Credit: Bryan Bedder/Getty Images for IMG

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