Getty Images announced that it will file for Chapter 11 bankruptcy protection in the United States and will go private after a comprehensive debt restructuring. The accelerated process is expected to begin in the coming weeks, and the company plans to complete it by the end of 2026.
The plan calls for entities associated with the Getty family and Koch Equity Development to acquire 100% of the reorganized company. Investors have committed to providing up to $533 million in new equity to strengthen the balance sheet and reduce debt.
The restructuring includes the cancellation of $270 million in unsecured bonds. Creditors on the secured debt have agreed to lower interest costs and an extension of repayment terms. Koch Equity Development will provide up to $143 million in financing to support the process.
The company has about $2.1 billion in debt
According to Reuters, Getty Images' total debt was about $2.1 billion as of June 30, 2026. The news comes after months of financial pressure, during which the company withdrew its guidance for the year and began a review of financing options and balance sheet management.
“Operations, employees, collaborators, partners, customers and suppliers will not be affected,“ Getty Images said in the restructuring announcement. The company said payments to suppliers would continue as usual.
The failed merger with Shutterstock
The bankruptcy protection plan was announced several months after the collapse of the proposed merger between Getty Images and competitor Shutterstock. The deal was worth $3.7 billion, but it fell through after the British competition authority made it a condition that Shutterstock sell its editorial business.
Getty Images also faces increasing competition from images created with artificial intelligence. The company's shares have lost about 99% of their value since its return to the public markets in 2022, when its valuation was about $4.8 billion.
In late September, the New York Stock Exchange began a procedure to delist Getty Images shares due to their extremely low price. After the restructuring is completed, the company will be private, and existing shareholders are not expected to retain a stake under the announced plan.
Sources: gvwire.com, marketscreener.com