Getty Images to go private under ‘pre-packaged’ bankruptcy
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Getty will continue to operate normally throughout the process, citing up to US$143 million (S$184 million) in financing from Koch, as well as cash from ongoing business.
PHOTO: BLOOMBERG
- Getty Images will go private through a “pre-packaged Chapter 11 filing” after agreeing a debt restructuring with major lenders and new equity of up to US$533 million.
- The company says it will keep operating normally, with up to US$143 million from Koch and no expected impact on contributors, partners, customers or staff.
- The move follows a warning that its shares would be delisted from the New York Stock Exchange after falling below US$1, after a US$206.1 million loss in 2025.
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NEW YORK – US photography company Getty Images announced on Oct 12 it reached an agreement with major lenders to restructure its debt, take the company private and undertake a “pre-packaged” bankruptcy.
Getty, which partners with AFP among numerous other media companies, said members of the Getty Family and affiliates of Koch Equity Development will invest up to US$533 million (S$683 million) of new equity to pay down debt under a restructuring.
Getty “reached agreement with all of its major financial stakeholder groups on the terms of a comprehensive restructuring,” the company said.
Getty will continue to operate normally throughout the process, citing up to US$143 million in financing from Koch, as well as cash from ongoing business.
“There is no anticipated impact on content contributors, partners, customers, or employees across the Company’s worldwide network,” Getty said.
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 favor of the Plan,” said Getty, which expects the restructuring to be complete by end 2026.
The announcement came after Getty disclosed in a securities filing earlier in October that it had been notified of plans to delist its shares from the New York Stock Exchange because they had fallen below US$1.
Getty reported a loss of US$206.1 million in 2025. AFP