US photography company Getty Images said on Wednesday (October 21, 2026) that it had begun legal proceedings in a US bankruptcy court as part of a previously announced plan to restructure its debt and take the company private.
“The company has launched a solicitation process for formal approval of the prepackaged plan of reorganisation 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 and several other media companies, said earlier this month that it had reached an agreement with major lenders and would pursue a “pre-packaged” bankruptcy.
Under the agreement, members of the Getty family and affiliates of Koch Equity Development will invest up to $533 million to reduce the company’s debt, Getty said.
On Wednesday (October 21, 2026), the company said it had moved ahead with its previously announced financial restructuring and expected to complete the process by the end of the year, subject to customary regulatory approvals.
Getty will continue to operate normally throughout the process, supported by up to $143 million in financing from Koch and cash generated by its ongoing business, the company said.
Once the restructuring is complete, Getty will become a privately held company owned by the equity investors.
In a securities filing earlier this month, Getty disclosed that it had been notified of plans to delist its shares from the New York Stock Exchange after they fell below $1.
The company reported a loss of $206.1 million in 2025.
Published - October 21, 2026 01:18 pm IST