Annie Leibovitz and Art Capital Group come to agreement

Annie Leibovitz has avoided default . . . for now, at least. In a joint announcement, Leibovitz and Art Capital Group revealed that they have agreed to a restructuring of the photographer's $24 million loan.

Under the agreement reached Friday, Art Capital Group will withdraw the lawsuit it filed in New York State Supreme Court on July 29, 2009. Leibovitz has also repurchased the right to act as exclusive agent in the sale her real estate holdings and photo archive, as long as she abides by the new agreement. The homes in Manhattan and Rhinebeck, New York are estimated to be worth $40 million, and the photography was valued by Art Capital Group at $50 million.