Getty Images files for US bankruptcy, advances restructuring plan

Oct 21 (Reuters) - Getty ‌Images filed ​for ​Chapter 11 bankruptcy on Wednesday, formalizing restructuring plans unveiled more than a week ago ‌as part of its move to go private.

• ⁠Last week, Getty announced plans to file for bankruptcy, marking ‌a major reset after ‌its planned merger with rival Shutterstock collapsed under the weight of heavy debt and growing competition ​from AI-generated imagery

• Getty said the affiliates of the Getty family 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 on Wednesday it launched a solicitation ​process to secure formal approval ‌for its reorganization plan announced last week

• The visual-content provider said it will ⁠continue operating in the ordinary course throughout the process, with no impact on content contributors, partners, customers, employees or ⁠vendors

• Getty Images expects to complete the restructuring by year-end

• ​In a filing at the Delaware bankruptcy court, the company listed both estimated assets and liabilities in the range of $1 ‌billion to $10 billion

• Getty, which competes with Reuters and the Associated Press in ‌providing photos and videos for editorial use, said financing ⁠from Koch Equity ‌Development of up to $143 ​million would support the restructuring process

(Reporting by Sumedha Mukherjee in Bengaluru; Editing by Sherry ‌Jacob-Phillips)

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