Getty Images enters Chapter 11 to implement restructuring
Image: Primary Getty Images says certain U.S. entities have commenced voluntary Chapter 11 proceedings in Delaware to implement its previously announced restructuring. The plan includes an equity investment of up to $533 million from Getty family entities and Koch Equity Development affiliates, alongside a reduction in outstanding debt.
The company has begun soliciting formal approval of its prepackaged reorganization plan, following an October 12 restructuring support agreement with major financial stakeholders. Getty expects to complete the restructuring by year end, subject to regulatory approvals, and emerge privately owned by the equity investors. It says operations will continue normally.
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