Getty Images to go private after restructuring deal

Oct 12 (Reuters) - Getty ‌Images said ​on ​Monday it had secured support from major creditors and investors for ‌a comprehensive restructuring that will cut ⁠debt, raise fresh capital and take the visual-content ‌provider private.

The company said ‌affiliates of the Getty family and Koch Equity Development committed to invest up ​to $533 million of new equity under the restructuring support agreement.

Holders of Getty's unsecured ⁠bonds agreed to retire $270 million of notes, while secured ​lenders agreed to reduce interest costs and extend debt maturities under the ​restructuring plan.

Upon completion of the ‌restructuring, affiliates of the Getty family and Koch Equity Development ⁠will own 100% of the reorganized company, Getty said.

Getty plans to implement the transaction through ⁠an expedited prepackaged Chapter 11 bankruptcy process involving certain US ​entities and expects the restructuring to be completed by year-end.

The announcement comes months after Getty abandoned ‌its planned $3.7 billion merger with rival Shutterstock, after Britain's Competition and ‌Markets Authority required Shutterstock to divest ⁠its editorial business as ‌a condition ​for approving the transaction.

(Reporting by Anhata Rooprai in Bengaluru; Editing by Joyjeet ‌Das)

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