Getty Images Holdings (OTCPK: GETY) announced Oct. 12 that it has reached a restructuring support agreement with its major financial stakeholders, under which the company plans to file a prepackaged Chapter 11 bankruptcy to reduce debt and go private.

Members of the Getty family and affiliates of Koch Equity Development have committed to invest up to $533 million in new equity. Upon emergence from the restructuring, the two groups will own 100% of the reorganized company.

As part of the agreement, noteholders representing 83.5% of the company's unsecured bonds have agreed to retire $270 million of outstanding senior unsecured notes. Holders representing approximately 89% of secured bonds and term loans, along with 100% of revolving credit facility lenders, have agreed to reduce interest obligations and extend debt maturities.

The company said it plans to solicit creditor approval of the reorganization plan in the coming days, with a formal Chapter 11 filing expected in the coming weeks. The filing will be limited to certain U.S. entities. The restructuring is expected to be completed by year end.

Koch Equity Development will provide up to $143 million in financing to fund the restructuring process. The company said vendors will be paid in full in the ordinary course of business, and no impact is anticipated on employees, customers, content contributors, or partners.

"This transaction speaks to another pillar: the steadfast support of the Getty family, Koch Equity Development, and our lenders," said Craig Peters, Chief Executive Officer of Getty Images. "Their commitment to achieving this transaction and an enhanced balance sheet will enable us to accelerate investment into the business."

The restructuring will also address what the company described as non-operating legal liabilities. Existing common stockholders are not expected to receive or retain any property under the plan, according to the company's disclosure materials.