Jackson's New Record Co.: Bahrain
Michael Jackson has returned to the studio and plans to release a new album next year, a Bahrain-based record label said.
Two Seas Records, which is owned by Sheik Abdulla bin Hamad Al Khalifa, son of Bahrain's king, said Tuesday that it had signed an exclusive recording agreement with the beleaguered king of pop. It said an album was tentatively scheduled for release late in 2007.
"I am incredibly excited about my new venture and I am enjoying being back in the studio making music," Jackson said in a statement released in London on behalf of the record label.
Two Seas - which released Jackson's Hurricane Katrina benefit single last year - said British music executive Guy Holmes had been named chief executive of the company. It said Holmes would oversee the making of the new album "and the management of Michael's other business interests."
Jackson moved to the Gulf state last year, after being acquitted of child molestation charges in California.
Life in Bahrain has been a lot quieter than at Neverland, although it hasn't been completely without its stranger moments, including an incident in which Jackson drew stares when, out in public with his children, he was recognized despite being dressed in Islamic traditional clothing for women.
During his trial, and afterwards, Jackson has been plagued by financial problems.
Last month, he closed the house on his 2,600-acre Neverland Ranch estate in California, laying off most of the staff after agreeing to pay hundreds of thousands of dollars in back wages to avoid a lawsuit by state labor officials
Last week, he agreed to restructure his finances in a deal with Sony Corp., which shares ownership with Jackson of a valuable music catalog that includes the Beatles' hits.
Paul McCartney has been trying to buy back the catalog for many years and Jackson, even when times were tough, steadfastly refused.
No details of the agreement were released, but earlier published reports said Jackson was negotiating a debt refinancing plan that would save him from bankruptcy while depriving him of part of his share of the song catalog.