Getty Images filed for Chapter 11 bankruptcy on Wednesday, formalising restructuring plans unveiled more than a week ago as part of its move to go private.
* Last week, Getty announced plans to file for bankruptcy, marking a major reset after its planned merger with rival Shutterstock collapsed under the weight of heavy debt and growing competition from AI-generated imagery
* Getty said the affiliates of the Getty family and Koch Equity Development, which committed to provide up to $533 million in new equity, will own 100% of the company after the restructuring
* Getty said on Wednesday it launched a solicitation process to secure formal approval for its reorganization plan announced last week
* The visual-content provider said it will continue operating in the ordinary course throughout the process, with no impact on content contributors, partners, customers, employees or vendors
* Getty Images expects to complete the restructuring by year-end
* In a filing at the Delaware bankruptcy court, the company listed both estimated assets and liabilities in the range of $1 billion to $10 billion
* Getty, which competes with Reuters and the Associated Press in providing photos and videos for editorial use, said financing from Koch Equity Development of up to $143 million would support the restructuring process - Reuters
(Reporting by Sumedha Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips)
