Getty Images Files for Chapter 11 as It Plans Restructuring
AI · First reported 23 Oct, 01:08 · Updated 01:09
Getty Images filed for Chapter 11 bankruptcy protection as part of a plan to go private. The company says it will continue normal operations while seeking approval for a restructuring it expects to complete by year-end.
- Getty Images filed for Chapter 11 protection in Delaware as part of a restructuring plan to take the company private.
- Affiliates of the Getty family and Koch Equity Development will provide up to $533 million in fresh equity and own all of the company after it goes private.
- The company expects the reorganization to finish by year-end and says normal operations will continue in the meantime.
Summary written by Lux AI from 1 articles
Key facts
- Filing
- Chapter 11 bankruptcy protection; Delaware
- Listed assets and liabilities
- $1 billion to $10 billion each
- Fresh equity
- Up to $533 million
- Expected completion
- By the end of the year
- Grace period
- 30 days after missed interest payments due September 1
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Ownership
- Unknown 50% (1)
- Billionaire 50% (1)
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