Getty Images Files for Chapter 11 as It Pursues a Take-Private Deal

Getty Images Holdings Inc. filed for Chapter 11 protection in Delaware on Oct. 21, beginning the court process for a debt restructuring intended to take the stock-image company private.

The petition places both Getty’s assets and liabilities in the $1 billion to $10 billion range. Getty family members and affiliates of Koch Equity Development would provide up to $533 million in equity under the plan.

Bond and loan holders have agreed to changes affecting much of Getty’s debt. Holders representing 83.5% of its unsecured bonds agreed to retire $270 million in senior unsecured notes. Investors representing about 89% of Getty’s secured bonds and term loans backed lower interest obligations and later maturities for secured debt. All revolving-credit lenders also agreed.

The filing advances Getty’s previously announced restructuring plan, which laid out a prepackaged Chapter 11 process. The plan calls for suppliers to be paid in full, and Getty expects to complete the restructuring by year-end.

Getty licenses photographs, videos and illustrations to news organizations and businesses. Getty carries a heavy debt burden, while some customers have switched to AI-generated images instead of licensed stock photos.

Getty missed an interest payment on its unsecured notes due Sept. 1 and entered a 30-day grace period. The company said it had enough cash to make the payment but used the period to negotiate a restructuring.