Elton Offers Hits As Loan Collateral

British pop star Elton John is trying to secure a $40 million loan with a London

bank, the city's Sunday Times reported. The 52-year-old singer will use the

money to pay off debts in the U.S. and Britain, including an overdraft of approximately

$11 million with a bank, according to the paper. John is said to be offering his back

catalog of hits as security to financiers. He also would owe revenues from future

earnings if the debt remains unpaid.