Getty Images to Go Private in Prearranged Chapter 11

Getty Images plans to file for Chapter 11 bankruptcy in the coming weeks under a prearranged deal that would take the stock-photo company private, aiming to emerge by year-end. Members of the Getty family and affiliates of Koch Equity Development will invest up to $533 million and co-own the company; bondholders agreed to retire $270 million in unsecured debt, and most secured lenders agreed to lower interest payments and extend repayment. Public shareholders are expected to be wiped out. Getty will keep its Seattle headquarters and roughly 300 local employees. The company reported $84 million in operating income on $981 million in revenue last year but a $206 million net loss, and its creative stock-photo revenue fell 2.6% in the second quarter amid competition from AI-generated images.

AI-generated from reports · 4 days agoUpdate