His longtime spokeswoman, Raymone K. Bain, said in a statement that she has been named general manager of the new Michael Jackson Co., which will replace Jackson's MJJ Productions.
The pop star has been living in Bahrain since he was acquitted of child molestation charges a year ago.
Jackson has severed ties with his Bahraini lawyers and his longtime accountants and business managers, Bernstein, Fox, Whitman, Goldman & Sloan. Bain said he has hired L. Londell McMillan and The McMillan firm, "known for business restructurings and turnarounds."
Jackson had been rumored to be on the verge of bankruptcy for some time. But in April his Bahraini lawyers announced that he had restructured his finances in a deal with Sony Corp. The company shares ownership of his valuable music catalog, which includes the Beatles' hits.
Jackson recently had to shutter his elaborate Neverland ranch in Santa Ynez because of unpaid salaries and insurance fees, according to the AP.
The change in management, which Bain called "the first of a sweeping restructuring of his personal and business affairs," is an apparent attempt by Jackson to salvage his finances.
To understand how China will act, one must understand the logic of China's development. This logic has always been almost the same, be it the Middle Ages, or modern times