NEW YORK – US photography company Getty Images said on Oct 21 it has commenced legal proceedings at a US bankruptcy court, as part of a previously announced plan to restructure its debt and take the firm private.
“The company has launched a solicitation process for formal approval of the prepackaged plan of reorganization and, to implement the plan in the most efficient manner, has commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware... for certain of its US entities,” Getty Images said in a press release.
Getty, which partners with AFP among numerous other media companies, said in October that it had reached an agreement with major lenders and would undertake a “pre-packaged” bankruptcy.
The deal will see members of the Getty Family and affiliates of Koch Equity Development invest up to US$533 million (S$681 million) to pay down debt, the company said.
On Oct 21, the company said it “has moved forward to implement its previously disclosed financial restructuring,” adding that it expects to complete the process “by year end after customary regulatory approvals are obtained”.
Getty will continue to operate normally throughout the process, citing up to US$143 million in financing from Koch, as well as cash from ongoing business.
Once the restructuring is complete, Getty will be a privately held company owned by the equity investors, it said.
Getty disclosed in a securities filing in October that it had been notified of plans to delist its shares from the New York Stock Exchange because they had fallen below US$1.
Getty reported a loss of US$206.1 million in 2025. AFP