Getty Images files for US bankruptcy, advances restructuring plan

Getty Images filed for Chapter 11 bankruptcy on Wednesday, formalizing ​restructuring plans unveiled more than a week ago as part of its move to go private.

 

Last week, Getty announced plans to file for bankruptcy, marking a major reset ‌after its planned merger ​with rival Shutterstock collapsed ​under the weight of heavy debt and growing competition ​from AI-generated imagery.

 

Getty said the affiliates of the Getty family and Koch Equity Development, which committed to provide up to $533 million in new ​equity, will own 100% of the company after ‌the restructuring.

 

Getty said on Wednesday it launched ​a solicitation process to secure formal approval for its reorganization plan announced last week.

 

The visual-content provider said it will ‌continue operating in the ​ordinary course throughout the ‌process, with no impact on content contributors, partners, ‌customers, employees or vendors.

 

Getty Images expects to complete ​the restructuring by year-end.

 

In a filing at the Delaware bankruptcy court, the company listed ​both estimated assets and liabilities in the range of $1 billion to $10 billion.

 

Getty, which ‌competes with Reuters and the Associated Press in providing ‌photos and videos for editorial use, said financing from Koch Equity Development of up to $143 million would support the restructuring process.