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.