Getty Images Filing Chapter 11 to Restructure Debt, Go Private

Getty Images is filing for Chapter 11 bankruptcy protection in the US to restructure roughly $270 million in unsecured debt and delist from the stock market. The Getty family and Koch Equity Development are putting in up to $533 million in new equity and will own 100 percent of the reorganised company. Because 83.5 percent of unsecured bondholders and about 89 percent of secured lenders agreed to the plan before filing, the court process is expected to be short, with completion by year end. Getty says contributor agreements and licensing operations continue as normal throughout.