Getty Images agrees to restructuring to go private

Getty Images has reached an agreement with major financial stakeholders on a restructuring that would take the company private through a prepackaged Chapter 11 bankruptcy process, the company said Monday. It plans to begin the court process in the coming weeks and expects the restructuring to be completed by the end of 2026. The filing and completion have not yet occurred. Under the proposed terms, affiliates of the Getty family and Koch Equity Development would invest up to $533 million in new equity and own the reorganized company. Getty said the investment would help pay down debt and provide capital as it exits public ownership. The plan requires court approval. Getty said major financial stakeholder groups support the agreement and that the requisite majority of creditors have committed to vote for the plan. Holders of $270 million in unsecured notes have agreed to retire them, while secured lenders have agreed to lower interest costs and extend debt maturities, according to the reported terms. The company expects to continue operating normally during the restructuring.