Getty Images files for bankruptcy with $533m equity plan

Getty Images filed for Chapter 11 bankruptcy in Delaware on Wednesday, advancing a restructuring that would give Getty family affiliates and Koch Equity Development 100% ownership after up to $533 million in new equity.

The bankruptcy court filing listed estimated assets and liabilities of $1 billion to $10 billion each, while Getty said up to $143 million in Koch Equity Development financing would support the court process.

Getty said it began soliciting formal approval for the reorganization plan it outlined last week. The company also said it expects no effect on content contributors, partners, customers, employees or vendors while the case proceeds.

The filing is part of Getty’s plan to become a private company after its proposed merger with Shutterstock fell apart. CNBC reported that the deal collapsed as the company faced heavy debt and rising competition from AI-generated imagery.

Getty supplies photos and video for editorial users and competes with Reuters and the Associated Press in that market. Chapter 11 allows a company to keep operating while seeking court approval for a debt or ownership restructuring.

Getty said it expects to finish the restructuring by year-end. The next step is securing approval for the reorganization plan through the solicitation process it said it launched Wednesday.