Popular US photography company is set to go private after filing for bankruptcy by the end of 2026, reported Reuters. The company made the announcement on Monday after a restructuring agreement that the visual-content provider is expected to close this year.
This comes after Getty Images reported a total debt of $2.1 billion as of June 30, 2026, compared with a market valuation of $20.74 million as of Friday’s close.
Getty Images planning bankruptcy filing
Getty, which frequently partners with among several other global media companies, said members of the Getty Family and affiliates of Koch Equity Development will invest up to $533 million of new equity to pay down debt under the restructuring.
Getty “reached agreement with all of its major financial stakeholder groups on the terms of a comprehensive restructuring,” the company said.
The company is reported to begin an expedited prepackaged Chapter 11 process in the upcoming weeks. It will be a major reset for the company after the failure of its planned merger with rival Shutterstock amid heavy debt and growing competition from -generated imagery.
Company to continue operations?
Getty said that it will continue to operate normally during the process, citing up to $143 million in financing from Koch and cash from ongoing business.
“There is no anticipated impact on content contributors, partners, customers, or employees across the Company’s worldwide network,” Getty added.
The company is currently looking forward to a “prepackaged Chapter 11 filing” to win court approval of the restructuring.
“The requisite majority of creditors have committed to vote in favor of the Plan,” said Getty.
Post the restructuring this year, affiliates of the Getty family and Koch Equity Development will own 100% of the company.
According to Reuters, the investors remain committed to provide up to $533 million of new equity, Getty shared.
Holders of Getty’s unsecured bonds agreed to retire $270 million of notes. On the other hand, secured lenders have agreed to reduce interest costs and extend debt maturities under the restructuring plan.
Reuters reported that Getty shares have lost about 99% of their value after the company returned to public markets in 2022 through a special purpose acquisition company that valued the company at about $4.8 billion. This was after 14 years of the company as a private firm.
The New York Stock Exchange have reportedly commenced delisting proceedings against Getty at the end of September.