Art Capital and Leibovitz Reach Agreement!
In a statement revealed to Luxist, Art Capital Group has announced that it will withdraw its lawsuit against celebrity photographer Annie Leibovitz, as they have reached an agreement that will lead to the restructuring of her debt. The resolution extends the maturity of Leibovitz's $24 million loan – which was originally due on Tuesday. It also entails Leibovitz's purchase from Art Capital Group the rights to act as exclusive agent in the sale of her real estate holdings and copyrighted material.
So, the artist retains control of her assets, according to the Art Capital Group announcement, "within the context of the loan agreement which shall prevail until satisfied." Essentially, if she doesn't meet the undisclosed terms of the restructuring, she could again risk losing the property she has put up as collateral.
Leibovitz says, "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." She continues, "I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work."
Ian Peck, CEO of Art Capital Group, says, "We're gratified to be able to further assist Ms. Leibovitz to achieve financial stability and proud to have been of such value to her at this juncture in her life and career."