Getty Images files for Chapter 11 bankruptcy in Delaware

Getty Images (GETY) has filed for Chapter 11 bankruptcy protection under a prepackaged restructuring plan that will provide up to $533M in new equity funding and take the stock-image company private.

Getty listed both assets and liabilities in the range of $1B to $10B in its filing with the U.S. Bankruptcy Court for the District of Delaware. The restructuring includes investments from members of the Getty family and affiliates of Koch Equity Development.

“Today's filing is a procedural step to implement the financial restructuring previously announced. Getty Images continues to operate normally, serving customers and supporting contributors and partners around the world. This process addresses our capital structure and certain non-operating liabilities and supports expanded investment into our content and services,” said Craig Peters, chief executive officer of Getty Images.

The company expects to complete the restructuring by year end after customary regulatory approvals are obtained and emerge as a privately held company owned by the equity investors.

The filing follows prolonged negotiations over Getty’s heavy debt burden and growing competition from AI-generated images. The company had entered a 30-day grace period after missing interest payments due September 1 on unsecured notes, saying it would use the time to negotiate a restructuring agreement.

Under the proposed plan, suppliers will be paid in full.

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