Getty Images Files for Chapter 11 in Delaware: Prepackaged Plan Brings Up to $533 Million in New Equity and Takes It Private
Getty Images, the global photo archive and stock-image company, announced on Oct. 21 that it has filed voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to implement its previously disclosed financial restructuring. Under the prepackaged plan, affiliates of the Getty family and Koch Equity Development have committed up to $533 million in new equity and will own 100 percent of the company after the restructuring, which also significantly reduces its outstanding debt. In its Delaware filing, the company listed both assets and liabilities in the range of $1 billion to $10 billion.
Getty said it expects to complete the restructuring by year-end and will operate in the ordinary course throughout, with no impact on contributors, partners, customers or employees, and suppliers paid in full. The company has wrestled with a high debt load and growing competition from SI-generated imagery; its planned merger with rival Shutterstock previously collapsed. Getty entered a 30-day grace period after missing interest payments due Sept. 1 on unsecured notes, using the reprieve to finalize the consensual restructuring deal.
Published by GSM · USA (original Chinese edition)
Photo: Wikimedia Commons 授权图（特拉华州 Wilmington 天际线，资料图）
