Getty Images

Getty Images has filed for Chapter 11 in Delaware, reporting assets and liabilities each between $1 billion and $10 billion. To implement the announced financial restructuring, it has agreed to a restructuring support agreement centered on an equity infusion of up to $533 million from investors including the Getty family and entities associated with Koch Equity Development. The move follows a heavy debt burden and a shift in demand toward AI-generated images; the company suspended interest payments on unsecured bonds in early September and used a 30‑day grace period. Under the restructuring plan, suppliers are to be paid in full. » Mere på sueddeutsche.de

The US photo agency Getty Images has filed for Chapter 11 in Delaware to reorganize the business under protection from creditors and continue operations during the restructuring. The company cites the flood of AI-generated images and the failed merger with Shutterstock, which caused high costs, as the main reasons. Creditor agreements call for members of the Getty family and Koch Equity Development to provide up to $533 million; in 2025 Getty posted a loss of about $206 million. The aim is to complete the restructuring by the end of the year and then take the company private, subject to regulatory approval. » Mere på t-online.de

Getty Images will initiate a prepackaged Chapter 11 proceeding in the US and thereafter continue as a private company. The Getty family and Koch Equity Development will acquire all shares via holding companies and together provide up to $676 million ( $533 million equity, up to $143 million in proceedings financing). Creditors holding a large majority have approved the restructuring plan: 83.5% of the unsecured notes will be retired, and holders of about 89% of the secured claims accept interest cuts and maturity extensions. Debt stood at roughly $2.1 billion; the restructuring is expected to be completed by year-end. Operations will continue and suppliers will be paid as usual. » Mere på golem.de