Michael Jackson has begun work on an album of new material tentatively set for release in late 2007, representatives for the pop giant said today (April 18).

Michael Jackson has begun work on an album of new material tentatively set for release in late 2007, representatives for the pop giant said today (April 18).

The artist, who is currently residing in the Persian Gulf state of Bahrain, will record the album exclusively for Two Seas Records, a new production and label jointly created by Jackson and its chairman Abdulla Hamad Al-Khalifa.

In a statement issued today (April 18), the singer said, "I am incredibly excited about my new venture and I am enjoying being back in the studio making music." A spokesperson says the label is looking at potential distribution and licensing agreements.

Guy Holmes, chairman of Britain's Gut Records, will oversee the recording in his newly-appointed capacity as CEO of Bahrain-based Two Seas Records. Holmes will also be tasked with managing Jackson's other business interests.

Holmes will split his time between Bahrain and London, where he continues to helm Gut.

Jackson's as-yet untitled album will be his first studio set since 2001's "Invincible," which debuted at No. 1 on The Billboard 200 and has sold more than 2 million copies in the United States alone, according to Nielsen Soundscan.

Many industry observers expected "Invincible" to draw curtains on Jackson's long-time, fruitful recording career with Sony Music when he publicly feuded with the label for its efforts in promoting the record. Epic has continued to mine the artist's career with a string of releases since then.

Holmes appointment to effectively manage Jackson's career comes on the heels of reports last week that the artist, in a move to stave off insolvency, has reached a deal with creditors to refinance more than $200 million in loans secured by his stake in the Beatles' song catalog.

Jackson has been effectively living off his 50% share of the Sony/ATV Music publishing catalog, which includes more than 250 copyrights from the Beatles. Jackson purchased ATV in 1985. Ten years later, in a deal orchestrated by his longtime attorney John Branca, Jackson merged ATV with Sony's music publishing division; the entire catalog is valued at around $1 billion.

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