US photography company Getty Images announced Monday it reached an agreement with major lenders to restructure its debt, take the company private and undertake a “pre-packaged” bankruptcy.
Getty, which partners with AFP among numerous other media companies, said members of the Getty Family and affiliates of Koch Equity Development will invest up to $533 million of new equity to pay down debt under a restructuring.
Getty “reached agreement with all of its major financial stakeholder groups on the terms of a comprehensive restructuring,” the company said.
Getty will continue to operate normally throughout the process, citing up to $143 million in financing from Koch, as well as cash from ongoing business.
“There is no anticipated impact on content contributors, partners, customers, or employees across the Company’s worldwide network,” Getty said.
The company plans a “prepackaged Chapter 11 filing” to win court approval of the restructuring.
“The requisite majority of creditors have committed to vote in favour of the Plan,” said Getty, which expects the restructuring to be complete by year’s end.
The announcement came after Getty disclosed in a securities filing earlier this month that it had been notified of plans to delist its shares from the New York Stock Exchange because they had fallen below $1.
Getty reported a loss of $206.1 million in 2025.
AFP
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