Annie Leibovitz agrees debt deal with Colony Capital

Leibovitz risked losing rights to images like her Demi Moore picture

Celebrity photographer Annie Leibovitz has done a deal with Colony Capital to clear her huge debts.

The US private equity firm will become Ms Leibovitz's sole creditor, in a deal that helps her retain the rights to her pictures.

Ms Leibovitz, whose images include a Vanity Fair cover of a nude and pregnant Demi Moore, had fallen behind on repayment of a $24m (£16m) loan.

She owed the money to Art Capital, which sued the photographer last year.

Ms Leibovitz said the Colony deal would preserve her archive and artistic freedom.

Hollywood stars

Ms Leibovitz, 60, will retain rights to more than 100,000 photographs and one million negatives.

For four decades she has been photographing pop stars, Hollywood icons, royalty and government leaders.

But her rights to this archive, and ownership of a string of properties, were at risk after she fell behind on payments to Art Capital, a financial firm specialising in working with artists.

She had sought the loan from Art Capital after facing financial difficulties. The money was secured against her archive and properties.

Ms Leibovitz praised Colony - normally known for its property investments - as "a dedicated and creative team".

She told the Financial Times: "We will be working on new projects and I will have the support and freedom necessary for nurturing my work and preserving my archive."

Two immediate projects Colony is considering are a travelling exhibition of her work and fine art books of her photographs.