Getty Images on Wednesday filed for Chapter 11 chapter protections as half of a restructuring plan to take the flailing stock photograph supplier personal.
It listed belongings of $1 billion to $10 billion, and liabilities in the same vary.
The content material supplier announced last week that it was planning to file in Delaware chapter court after its close to $4 billion merger with rival Shutterstock collapsed due to British antitrust challenges.
Getty Images on Wednesday filed for chapter. Timon – stock.adobe.com
Getty Images – which has provided images and video for information companies for more than 30 years – has been struggling amid a pile of debt and mounting competitors from AI image mills.
The company will obtain up to $533 million in recent equity from associates of the Getty household – descendants of oil tycoon J. Paul Getty – and Koch Equity Development. Those events will own 100% of the company once it is taken personal.
It said Wednesday that it has launched a solicitation course of to secure formal approval for its restructuring plan, and that it expects the reorganization to be accomplished by the finish of the 12 months.
Getty Images will proceed regular operations in the meantime, with no influence on contributors, companions, clients, workers or distributors, the company said.
Financing from Koch Equity Development of roughly $143 million will support the restructuring course of.
The photograph archive entered into a 30-day grace period after failing to make curiosity funds due Sept. 1 on unsecured notes.
It said it had the money needed to make the funds, but opted to pursue a restructuring.
