Getty Images will begin Chapter 11 bankruptcy restructuring in the coming weeks. Following this, the company will continue operations but transition from a publicly listed entity to a private one. This does not signify a cessation of operations; rather, Getty Images will no longer be traded on the stock exchange.

This significant overhaul follows a failed merger plan with competitor Shutterstock, compounded by Getty's substantial debt and rising competition from AI-generated images.

Upon completion of the restructuring, Getty family businesses and investment fund Koch Equity Development will own 100% of the company. These investors have also committed to contributing up to 533 million USD in additional equity.

Getty's unsecured bondholders have agreed to settle 270 million USD in bonds. Secured lenders have also agreed to reduce interest rates and extend debt terms under the restructuring plan.

The company announced it will maintain normal operations, ensuring full payment to suppliers. Up to 143 million USD from Koch Equity Development will support the restructuring process.

In August, Getty withdrew its financial outlook, citing a review of capital raising options and balance sheet management. The image content provider reported total debt of approximately 2,1 billion USD as of 30/6, contrasting with a market capitalization of only 20,74 million USD last weekend.

The New York Stock Exchange initiated delisting procedures for the company at the end of September. Getty shares have lost approximately 99% of their value since returning to the stock market in 2022, following a merger that valued the company at around 4,8 billion USD.

Getty Images boasts one of the world's premier photo archives, according to its website. Mark Getty, heir to the Getty Oil family, and South African entrepreneur Jonathan Klein founded the company in London in 1995.

The company began trading on Nasdaq (US) in the late 1990s. In 2008, Getty delisted after private equity firm Hellman & Friedman acquired it. Getty is currently headquartered in Seattle with 360 employees.

Ha Thu (according to Reuters, Seattle Times)