Getty Images files for US bankruptcy, advances restructuring plan
Getty Images files for US bankruptcy, advances restructuring plan Oct 21 (Reuters) - Getty Images GETY.PK 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 SSTK.N 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
(Reporting by Sumedha Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips)
((Sumedha.Mukherjee2@thomsonreuters.com))