Getty Images files for US bankruptcy, advances restructuring plan

Getty Images has filed for Chapter 11 bankruptcy in the United States, as it moves towards a restructuring plan that was introduced last week. The company's plans to go private were set in motion after its merger with Shutterstock fell through due to significant debt and increased competition from AI-generated imagery. Getty has announced that the affiliates of the Getty family and Koch Equity Development will own 100% of the company following the restructuring.

The company has initiated a process to secure formal approval for its reorganization plan and will continue to operate normally throughout the process. Getty expects to complete the restructuring by the end of the year, with estimated assets and liabilities ranging between $1 billion and $10 billion. The company's financing from Koch Equity Development, amounting to up to $143 million, will support the restructuring process.

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