NEW YORK, April 13: Michael Jackson is close to a deal that would help him to avert bankruptcy by refinancing his debts and possibly selling part of his interest in scores of hits by The Beatles, The New York Times said on Thursday.

The paper, citing people briefed on the plan, said the ongoing negotiations to refinance hundreds of millions of dollars of loans would require him at some point in the future to offer Sony Corp. part of his interest in a song catalogue that includes many of The Beatles best-known songs.

Jackson, who was cleared last June of criminal charges of sexually abusing a young boy at his Neverland Valley Ranch, has spent much of his time since the trial in Bahrain.

Prosecutors asserted during Jackson’s child molestation trial the pop singer was in precarious financial shape due to mounting debts.

He narrowly escaped legal action by the state of California earlier this year for failing to pay employees at his ranch.

California’s labour commissioner had fined Jackson $100,000 and threatened to sue the 47-year-old entertainer unless he made good on at least $306,000 in back wages dating to December.—Reuters