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Getty Images files for US bankruptcy, advances restructuring plan

  • Getty announced plans to file for bankruptcy, marking a major reset after its planned ​merger with rival Shutterstock (SSTK.N),collapsed under the ​weight of heavy debt and growing competition ⁠from AI-generated imagery
  • Getty said the affiliates of ​the Getty family and Koch Equity Development, which committed to ​provide up to $533 million in new equity, will own 100% of the company after the restructuring
  • Getty said it launched a ​solicitation process to secure formal approval for ​its reorganization plan announced last week
  • In a ⁠filing at the Delaware bankruptcy court, the company listed both estimated assets and ​liabilities in the range of $1 billion ​to $10 ⁠billion
  • Getty, which competes with Reuters and the Associated Press in providing photos and videos for editorial ⁠use, ​said financing from Koch Equity ​Development of up to $143 million would support the restructuring process

Getty Images files for US bankruptcy, advances restructuring plan | Reuters

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