The singer has lived in Bahrain since he wascleared of child abuse charges in June of last year.
"Following negotiations with several leading financial institutions, Mr Jackson has concluded refinancing with affiliates of Fortress Investment Group, the lender that currently holds secured debts that were previously held by Bank of America," the statement added.
No more details of the refinancing agreement were currently available, although the Wall Street Journal and New York Times reported that the deal would ultimately see Michael Jackson sell half of his 50% share in the catalogue to Sony, which would leave him with just 25% of it.
