Getty Images advances financial restructuring
GETY•Getty Images initiated a prepackaged Chapter 11 process to implement an agreed reorganization plan and expects to complete the restructuring by year-end, subject to customary regulatory approvals. It expects financing of up to $143 million from an affiliate of KED and to emerge as a privately held company.
1. Chapter 11 process
Getty Images Holdings initiated a prepackaged Chapter 11 process to implement an agreed-upon plan of reorganization. The company said it will continue operating in the ordinary course during the process, with no anticipated impact on content contributors, partners, customers, employees or vendors.
2. Funding and timing
Getty Images expects to fund the restructuring with up to $143 million in financing from an affiliate of KED. It expects to complete the restructuring by year-end, after customary regulatory approvals, and emerge as a privately held company.
