Getty Images Files for Chapter 11 Financial Restructuring

Getty Images Holdings, Inc. initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to execute a prepackaged financial restructuring plan. The company expects to emerge as a privately held entity by the end of 2026, owned by the Getty family and Koch Equity Development.

The reorganization includes an equity investment of up to $533 million from these investors and up to $143 million in financing from a Koch Equity Development affiliate. The process aims to significantly reduce outstanding debt and resolve non-operating legal liabilities to allow for expanded investment in content and services.

CEO Craig Peters described the filing as a procedural step to address the company's capital structure. The company stated that operations will continue normally during the process, with no anticipated impact on employees, customers, or content contributors.