Annie Leibovitz avoids bankruptcy for now

Annie Leibovitz, the New York photographer whose skills with a lens have made untold actors world famous was in life-changing debt.

Despite earning millions from her photography — much of it for Vanity Fair and Vogue magazines — Leibovitz, has managed to overstretch herself financially with a taste for lavish living.

Last September, Annie, 59, took out a $24-million loan with New York’s ‘Art Capital Group’, and was in breach of the terms and staring down bankruptcy like an oncoming train. But she has avoided bankruptcy after she at least temporarily bought back control of her photographs and homes following a renegotiation of the loan from a finance company that was threatening to take them from her.

In a deal announced on Friday between Leibovitz and Art Capital, the lender dropped its lawsuit against her and extended the maturity date on its loan.

Art Capital would not disclose how much more the American photographer will now have to repay nor by when, although it is understood to be a matter of months rather than weeks or years.

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