Getty Images Holdings Inc. is starting a prepackaged bankruptcy after securing a restructuring support agreement that will inject it with fresh money and take the photo archive and stock-image company private.
The company filed for Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware. Getty listed assets of $1 billion to $10 billion, and liabilities in the same range.
The company has moved forward to implement its previously disclosed financial restructuring, it said. The step includes an equity investment of up to $533 million from parties including members of the Getty family and affiliates of Koch Equity Development. The company had previously disclosed those parties would provide new equity.
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The filing followed prolonged negotiations as the company wrestled with a high debt load and a shift of customers using AI-generated images instead of stock photos. Getty entered into a 30-day grace period after failing to make interest payments due Sept. 1 on unsecured notes. At the time, the company said it had cash to make the payments but elected to use the reprieve to iron out a consensual workout deal.
Suppliers will be paid in full under the restructuring plan.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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