GoKawiilGetty Images to file Chapter 11, go private with $533M from Getty family and Koch firm
Getty Images plans a prepackaged Chapter 11 bankruptcy as part of a deal to take the company private, backed by $533 million from Getty family affiliates and Charles Koch's investment firm Koch Equity Development. The move aims to reduce debt that exceeded $1.3 billion as of June 30th, and comes months after Getty abandoned a $3.7 billion merger with Shutterstock due to UK regulatory restrictions. The restructuring is expected to close by year-end and is said to not affect contributors, partners, customers or employees.