Getty Images files for US bankruptcy, advances restructuring plan
GETY•Getty Images filed for Chapter 11 bankruptcy on Wednesday to advance a restructuring that would make it privately owned by Getty family affiliates and Koch Equity Development. The company expects to complete the process by year-end and listed estimated assets and liabilities of $1 billion to $10 billion.
1. Chapter 11 filing
Getty Images filed for Chapter 11 bankruptcy on Wednesday, formalizing restructuring plans announced the previous week. The company launched a solicitation process to secure approval for its reorganization plan.
2. Ownership and financing
Getty family affiliates and Koch Equity Development, which committed to provide up to $533 million in new equity, will own 100% of the company after the restructuring. Getty said up to $143 million in financing from Koch Equity Development would support the process. It expects to complete the restructuring by year-end and said it will continue operating in the ordinary course, with no impact on contributors, partners, customers, employees or vendors. In a court filing, it estimated assets and liabilities at between $1 billion and $10 billion.
