Getty Images Holdings, Inc. announced it has entered into a Restructuring Support Agreement (RSA) with its majority shareholders and a significant majority of its debtholders. The agreement outlines a comprehensive recapitalization to be implemented through a prepackaged chapter 11 plan of reorganization, aimed at strengthening the company's balance sheet.
Key Details
- Agreement: The RSA was entered into on October 12, 2026, with holders of all revolving loans, over two-thirds of term loans and senior secured notes, and over two-thirds of senior unsecured notes.
- Equity Commitment: Majority shareholders will provide an equity commitment of approximately $533 million, which includes debtor-in-possession (DIP) financing and the conversion of about $100 million of prepetition debt into equity.
- Debt Restructuring: First lien debt will be converted into new debt with extended maturities and a reduced interest rate. Senior unsecured notes will be retired for a cash payment of approximately $170.2 million. Revolving loans will be converted into a new, undrawn $150 million revolving credit facility upon emergence.
- Ownership & Equity: All existing equity interests in the company will be canceled. Upon emergence from bankruptcy, the majority shareholders will own 100% of the reorganized company, subject to dilution from a management incentive plan.
- Timeline: The company is required to commence chapter 11 cases and begin soliciting votes on the plan no later than October 21, 2026.