Getty Images Plans Privatization Through Bankruptcy Restructuring

Visual content creator and marketplace Getty Images announced on October 12 that it plans to pursue privatization and delist from the stock exchange through a Chapter 11 restructuring process. The company has reached an agreement on terms with its principal stakeholders.

Getty Images stated that the restructuring is a process designed to address non-operational legal liabilities while maintaining operational strength. The company assured that the process will not impact its operations, employees, donors, partners, customers, or suppliers, and that payments are expected to continue as normal. The restructuring is anticipated to conclude by year-end.

Under the agreement, Getty family members and affiliated entities, along with Koch Industries, have committed to investing up to $533 million in new equity. Holders of a significant portion of the company's unsecured bonds have agreed to a substantial reduction in debt. Lenders of secured debt and credit facilities have also agreed to lower interest expenses and extend maturity dates.

The company has previously reported losses and received a delisting notice from the New York Stock Exchange due to its stock price falling below $1. Getty Images intends to proceed with a "pre-packaged" Chapter 11 filing. The company has also entered into a partnership with OpenAI to integrate its content library into AI-driven search experiences.