Getty Images Files Chapter 11, Koch-Backed Restructuring Targets Year-End
The visual-content provider said it will keep operating while affiliates of the Getty family and Koch Equity Development take ownership.
- Getty Images filed for Chapter 11 bankruptcy on Wednesday, formalizing restructuring plans unveiled last week as part of its move to go private.
- The planned merger with rival Shutterstock collapsed last week under the weight of heavy debt and growing competition from AI-generated imagery, prompting the bankruptcy filing.
- Affiliates of the Getty family and Koch Equity Development committed up to $533 million in new equity, with additional $143 million in financing to support the restructuring process.
- Operations will continue in the ordinary course throughout the process with no impact on contributors, partners, customers, or employees, as Getty expects to complete restructuring by year-end.
- In a Delaware bankruptcy court filing, the company listed estimated assets and liabilities between $1 billion and $10 billion, competing with Reuters and the Associated Press in editorial content.
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Getty Images begins Chapter 11 proceedings to restructure debt
Getty Images has begun Chapter 11 proceedings in the US as part of a debt restructuring plan involving up to $533 million in investment, with the company expecting to become privately held by the end of the year.
The debt restructuring of Getty Images paves the way for a major transformation of the agency, which hopes to ensure its sustainability outside the financial markets.
Getty Images has announced that it has been declared bankrupt, an approach that was planned in the context of the restructuring of its debt which also provides for its withdrawal from the New York Stock Exchange.
The Straits Times
Free Malaysia Today NewsGetty Images says commenced proceedings in US bankruptcy court
The company said it expects to complete the process by year end. Read more at straitstimes.com.
The US photo agency Getty Images announced today that it has declared bankruptcy in a New York court, something that was expected after a recent agreement to restructure its debt, which also provides for its withdrawal from the New York Stock Exchange. The process began “with a view to the formal approval of the restructuring plan (...) and to implement this plan in the most effective way,” the agency said in a statement. “Getty Images continues…
The move was expected after a recent debt restructuring agreement - The high level of borrowing and pressure from artificial intelligence "squeezed" the agency
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