Getty Images Files for Bankruptcy
Getty Images Holdings filed for bankruptcy under Chapter 11 for restructuring and to inject new investments.
Translated by Qiyas from الجريدة — Original source
Getty Images Holdings has initiated pre-packaged bankruptcy proceedings after reaching a restructuring support agreement that will inject new capital into the company and convert the stock photo and image library business into a private company, Bloomberg reported.
The company filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Getty Images announced that its assets range between $1 billion and $10 billion, with liabilities in the same range.
The company said it has moved forward with implementing a financial restructuring plan announced earlier. The plan includes a $533 million equity investment, with participation from parties including members of the Getty family and affiliates of Koch Equity Development.
The company had previously disclosed that these parties would provide new equity investments.
The bankruptcy filing follows lengthy negotiations, as the company has struggled with high debt levels and some clients have shifted to using AI-generated images instead of stock photos. Getty Images entered a 30-day grace period after failing to make interest payments due on September 1 on its unsecured bonds.
