Getty Images Holdings Inc. is in confidential talks with lenders for a potential debtor-in-possession loan as it faces severe liquidity pressures. The negotiations could lead to lenders taking control of the company through bankruptcy, with the Getty family also considering injecting capital. Getty is advised by Guggenheim Securities and Simpson Thacher & Bartlett, while secured lenders are aligned with Houlihan Lokey Inc. and Gibson Dunn & Crutcher.

Unsecured creditors have retained Akin Gump Strauss Hauer & Feld LLP. The company entered a 30-day grace period after missing interest payments on unsecured notes due Sept. 1. S&P Global Ratings cut Getty to CCC, and Moody’s lowered its rating to Caa3, citing expected liquidity deterioration.

As of June 30, Getty had $51.6 million in cash and $30 million available under its $150 million revolving credit facility, which was fully drawn in July. The company reported over $1.3 billion in debt. Getty has been exploring financing alternatives since abandoning its merger with Shutterstock Inc., which would have provided a $162 million cash benefit.

The company attributes its financial struggles to high interest rates, a $110.9 million litigation payment, and costs from the failed deal, alongside industry challenges from generative AI.