NEW YORK ( CNN ) -- Art Capital Group has withdrawn its lawsuit against celebrity photographer Annie Leibovitz and extended the due date for repayment of her $ 24 million loan , the two sides announced Friday . Annie Leibovitz appears before her photo of Demi Moore during an exhibition of her work in June in Madrid , Spain . It is part of an agreement reached between Leibovitz and Art Capital Group , which restructured her debts , according to a joint statement from the two sides . Under the agreement , Art Capital also agreed to extend the maturity date for the loan it provided to Leibovitz , which was originally due on Tuesday . The statement did not say when the loan is now due . In addition , Leibovitz bought back from Art Capital the rights to act as exclusive agent in the sale of her pictures and her property , the statement said . `` Ms. Leibovitz will therefore retain control of those assets within the context of the loan agreement which shall prevail until satisfied , '' it said . Art Capital Group said Leibovitz initially approached the company , an adviser to artists and art owners , around June 2008 regarding her `` dire financial condition arising from ... mortgage obligations , tax liens and unpaid bills to service providers and other creditors , '' the complaint said . In July , Art Capital filed a complaint with the New York Supreme Court , asking it to uphold the sales agreement it signed with Leibovitz , including its right to sell her art and real estate . Leibovitz , who has photographed everyone from the Rolling Stones to Queen Elizabeth , put her art , intellectual property and even real estate assets up for collateral last year when she consolidated her massive debts . `` In these challenging times , I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support , '' Leibovitz said in the joint statement . `` I also want to thank my family , friends , and colleagues for being there for me and look forward to concentrating on my work . '' The tone of the agreement differed markedly from that of a complaint filed July 29 in New York Supreme Court by Art Capital Group , in which the company accused the photographer of `` willful and flagrant '' breaches of her agreement , adding : `` It appears that Leibovitz entered into the sales agreement with no intention of performing or permitting performance under it . '' One of Leibovitz 's best-known photos is of John Lennon with his wife , Yoko Ono , shortly before the Beatles star was assassinated in 1980 . She is no stranger to controversy . In 1991 , Leibovitz photographed a nude and extremely pregnant Demi Moore for the cover of Vanity Fair . The issue , considered scandalous at the time , was sold in many places nationwide with a sheath of white paper . Watch more about the suit she faced , controversy she 's stirred » . Last year , Leibovitz photographed Disney star Miley Cyrus wrapped in a bedsheet , eliciting claims that the photographer pressured the teen queen into poses that were too provocative for her young age .
Art Capital Group extends due date for repayment of Leibovitz 's $ 24 million loan . Art Capital will be `` exclusive agent in the sale of her real property and copyrights '' including those held by The New York Times Company, Time Inc. and HarperCollins Publishers'' to a group led by Leonard Lauder that includes Steven A. Cohen ; David Rockefeller ; Ronald Perelman ; and Jeffrey S.