Getty Images has reached a restructuring agreement with major financial stakeholders to take the company private. The plan calls for a pre-packaged Chapter 11 filing in the coming weeks. The move follows the termination of its merger with Shutterstock and an NYSE delisting notice over low stock prices.
The Getty family and affiliates of Koch Equity Development have committed up to $533 million in new equity. They will own 100% of the reorganized company. Getty Images said the restructuring will significantly reduce debt and strengthen its balance sheet.
The company expects operations to continue as normal, with no anticipated impact on employees, customers or contributors. It expects to complete the transaction by year-end.