Getty Images launches restructuring under Chapter 11

Getty Images is seeking approval for a Chapter 11 reorganization to reduce its debt and continue operating. The Getty family and Koch Equity will invest $533 million and take full ownership of the company.

Getty Images advances financial restructuring plan

Getty Images has begun the process of obtaining formal approval for its reorganization plan as part of its U.S. bankruptcy case. The company expects to restructure its financial obligations and continue operating during the process.

Last week, it emerged that Getty planned to file for Chapter 11 bankruptcy. By then, its share price had fallen below $0.02. The New York Stock Exchange suspended trading in the company’s shares and began the process of delisting them.

A number of factors contributed to the financial difficulties. Getty’s planned merger with competitor Shutterstock fell through after the UK regulator raised concerns that the deal could limit competition. The company also faced competition from AI-generated images. Getty largely lost its copyright case against Stability AI.

According to Reuters, Getty plans to continue operating throughout the restructuring and does not expect the process to affect contributors, employees, partners, customers, or suppliers.

In documents filed with the U.S. Bankruptcy Court for the District of Delaware, Getty estimated its assets and liabilities at between $1 billion and $10 billion. In its financial statements for the period from December 31, 2024, to June 30, 2026, the company reported that it had spent $108 million in connection with preparations for the merger with Shutterstock. Another $17 million went toward litigation against Stability AI in the United States and the United Kingdom.

The plan calls for the Getty family and Koch Equity to invest $533 million in the company. Once the process is complete, these investors will own 100% of Getty.

What the process means for Getty’s business

Thomas Maddrey, CEO of the American Society of Media Photographers (ASMP), previously explained the practical purpose of the restructuring: “to preserve the licensing business, restructure financial obligations, and eliminate some of the existing debt. A successful reorganization could free up more cash for ongoing operations.”

According to Maddrey, Chapter 11 also provides legal tools for reorganization. Filing automatically pauses many lawsuits and collection actions against the company.

At the same time, a business can generally continue operating while it seeks court approval of a debt restructuring plan. In a prepackaged case, the company first negotiates a plan and obtains creditors’ consent, then files the paperwork with the court. This approach is intended to shorten the court process.

Maddrey advised photographers who had posted work on Getty and iStock to gather and keep their documents and records related to their work with the platforms and payments.