Getty Images advances financial restructuring with prepackaged reorganization plan

By Dilara Hamit

ANKARA (AA) - Getty Images said on Wednesday it has taken the next step in a financial restructuring designed to reduce debt and strengthen its balance sheet, launching a formal approval process for a prepackaged plan of reorganization.

To carry out the plan, the visual content company has begun voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware for certain of its US entities.

Getty Images said the process is not expected to disrupt its business, saying: “There is no anticipated impact on content contributors, partners, customers, employees, or vendors, and the Company expects to continue fulfilling obligations and serving stakeholders as usual.”

Anadolu is among Getty Images’ content partners.

The company said the restructuring plan has support from major financial stakeholders and is intended to provide a more sustainable capital structure while allowing Getty Images to continue investing in its business.

As part of the plan, members of the Getty family and affiliates of Koch Equity Development (KED) are expected to provide up to $533 million in new equity investment.

Getty Images also expects to have access to up to $143 million in financing from a KED affiliate during the restructuring process, alongside cash generated from its operations.

CEO Craig Peters described the filing as “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,” he said.

The company said it has begun soliciting formal approval of the prepackaged reorganization plan from eligible stakeholders, and expects to complete the restructuring by the end of 2026 after customary court approvals.