Getty Images has filed for Chapter 11 protection in Delaware, initiating a prepackaged restructuring to transition the company to private ownership. The filing follows a restructuring support agreement with controlling shareholders and lenders. A new equity commitment of up to $533 million from Koch Equity Development and the Getty family will hand the photo agency to these investors.
Existing holders of Class A shares are expected to receive nothing, as their shares will be cancelled. The process aims to stabilize the company's financial structure under new ownership.
Source: PE Insights · Summarized by HeadlinesBriefing