Getty Images Holdings Inc. has initiated a prepackaged bankruptcy process to take the company private. The firm filed for Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware, listing assets and liabilities between $1 billion and $10 billion. The restructuring secured an equity injection of up to $533 million from the Getty family and Koch Equity Development.
This move follows prolonged negotiations over a high debt load and declining demand as customers shift toward AI-generated imagery. The company entered a 30-day grace period after missing interest payments on unsecured notes due September 1. Under the plan, suppliers will be paid in full.
The process aims to resolve the company's financial restructuring and transition it out of public ownership.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing