Published : 13 Oct 2026, 06:09 PM
Updated : 13 Oct 2026, 06:09 PM
Getty Images plans to file for prepackaged Chapter 11 bankruptcy and go private, backed by up to $533 million in new equity from the Getty family and Koch Equity Development, Quartz reports.
Under the restructuring agreement, the two investor groups would own 100 percent of the reorganised company once it exits bankruptcy, it said on Monday.
Noteholders holding 83.5 percent of Getty’s unsecured bonds have agreed to retire $270 million in outstanding notes, while lenders representing the bulk of its secured debt have agreed to lower interest obligations and push back maturities.
Koch Equity Development will provide up to $143 million to finance the process, which is expected to wrap up by year’s end. The filing will cover only certain US entities.
Getty Images said the restructuring would not affect daily operations, with vendors, employees, contributors, and customers facing no disruption.
“This transformational transaction is underpinned by the strength of the business and the significant growth potential we see ahead,” co-founder and Chairman Mark Getty said in a statement.
According to Quartz, the planned filing comes about three months after Getty’s $3.7 billion merger with Shutterstock fell apart, after the UK’s Competition and Markets Authority demanded a sale of Shutterstock’s editorial business as a condition of approval -- a condition Getty’s board refused to accept.
An investor presentation released Monday showed Getty’s iStock eCommerce unit facing softening demand, even as its editorial image division continues to grow.