Getty Images said on Wednesday that it has started voluntary Chapter 11 proceedings in a US bankruptcy court, a step in its previously announced plan to restructure its debt and take the company private. The filing was made in the US Bankruptcy Court for the District of Delaware and covers certain of its US entities.
The company said it had launched a solicitation process to seek formal approval of a prepackaged plan of reorganisation. Earlier this month, Getty said it had reached an agreement with major lenders and would pursue a “pre-packaged” bankruptcy.
Funding from Getty family and Koch affiliates
Under the deal, members of the Getty family and affiliates of Koch Equity Development will invest up to $533 million to pay down debt, the company said. Getty also cited up to $143 million in financing from Koch, along with cash from its ongoing business.
Getty said it will continue operating normally throughout the process. It expects to complete the restructuring “by year end after customary regulatory approvals are obtained.” Once finished, the company will be privately held and owned by its equity investors.
Delisting notice and financial losses
Getty disclosed in a securities filing this month that it had been notified of plans to delist its shares from the New York Stock Exchange because they had fallen below $1. The company reported a loss of $206.1 million in 2025.
