Getty Images Files for Chapter 11, Plans Privatization
Getty Images Holdings initiated a Chapter 11 process to restructure its finances. The plan includes a transition to private ownership and an equity investment of up to $533 million from the Getty family and Koch Equity Development.
Getty Images Holdings, Inc. has begun a Chapter 11 bankruptcy process as part of a broad financial restructuring. The plan calls for the company to become privately held and is backed by an equity investment of up to $533 million from the Getty family and Koch Equity Development. The restructuring is intended to substantially reduce debt and resolve non-operating legal liabilities.
The company said the steps are designed to strengthen its balance sheet and support future growth.