US photography company Getty Images says it has reached an agreement with major lenders to restructure its debt, take the company private and undertake a “pre-packaged” bankruptcy.
Getty, which partners with multiple media companies, said members of the Getty Family and affiliates of Koch Equity Development would invest up to US$533 million ($954.4m) of new equity to pay down debt under a restructuring.
Getty said it has “reached agreement with all of its major financial stakeholder groups on the terms of a comprehensive restructuring”.
Getty will continue to operate normally throughout the process, citing up to US$143 million ($256m) in financing from Koch, as well as cash from ongoing business.
The company’s statement said: “There is no anticipated impact on content contributors, partners, customers, or employees across the Company’s worldwide network.”
The company plans a “prepackaged Chapter 11 filing” to win court approval of the restructuring.
“The requisite majority of creditors have committed to vote in favour of the plan,” Getty said. It expects the restructuring to be complete by year’s end.
The announcement came after Getty disclosed in a securities filing earlier this month that it had been notified of plans to delist its shares from the New York Stock Exchange because they had fallen below $1.
Getty reported a loss of US$206.1 million ($368m) in 2025.
- AFP