Getty Images to commence Chapter 11 filing, go private with equity investors owning 100%
GETY•Getty Images plans to begin a prepackaged Chapter 11 filing process in coming weeks, with restructuring expected to complete by year-end and the company to become privately held. The Getty family and Koch Equity Development committed up to $533 million in equity investment; Koch will provide up to $143 million in restructuring financing, and noteholders agreed to retire $270 million in senior unsecured notes.
1. Restructuring agreement
Getty Images announced a comprehensive restructuring that includes a prepackaged Chapter 11 filing process in coming weeks, limited to certain U.S. entities. The company said the restructuring is expected to complete by year-end, with equity investors owning 100% of the privately held company, and that operations, employees, contributors, partners, customers and vendors will not be affected.
