Getty Images plans restructuring with investment of up to $533 million and cancellation of shares
Key Facts
Getty Images announced on October 12 that it intends to restructure its finances, backed by equity investment commitments of up to $533 million from entities affiliated with the Getty family and Koch Equity Development. The company plans to carry out the recapitalization through prepackaged Chapter 11 bankruptcy proceedings, according to a restructuring support agreement filed with the U.S. Securities and Exchange Commission. The bankruptcy filing will cover only certain U.S. entities, according to the company's announcement. The company said the process would address its non-operating legal liabilities alongside the planned changes to its financing structure. The plan has the approval of creditors holding unsecured notes, as well as holders of secured notes and term loans.
The plan provides for the cancellation of shares and all existing equity interests, with no distributions to holders, according to the detailed disclosure of the agreement. Participating major shareholders will own 100% of the reorganized company upon emergence from the proceedings, subject to potential dilution through a management incentive plan. The investment package includes converting approximately $100 million of existing debt held by major shareholders into equity when the plan takes effect. It also includes up to $143 million in financing from Koch Equity Development to support the company during the restructuring. The financing arrangement also includes an amended $150 million revolving credit facility. The plan calls for outstanding borrowings under the facility to be repaid, leaving it undrawn upon emergence from the proceedings.
On creditor treatment, unsecured noteholders supporting the agreement represent 83.5% of those notes, according to the company's announcement. The agreement provides for the extinguishment of $270 million in outstanding senior unsecured notes. In exchange, holders will receive an aggregate cash payment of approximately $170.2 million when the plan takes effect, according to the detailed disclosure. On the secured side of the debt, holders of approximately 89% of secured notes and term loans have agreed to the proposed arrangements. Their agreement includes reducing the company's interest obligations and extending the maturities of that debt as part of the restructuring.
The plan follows financial results showing Getty Images' revenue fell to $229.1 million in the second quarter of 2026, down 2.5% from a year earlier. The company reported a net loss of $85.8 million for the same quarter, according to its earnings release filed with the U.S. Securities and Exchange Commission. Chief Executive Craig Peters said on the earnings call: "Addressing the balance sheet and liquidity is our immediate priority." The company had terminated its merger agreement with Shutterstock through written notice delivered on July 7, 2026, according to its quarterly report. The termination took effect upon delivery of the notice to Shutterstock.
The restructuring announcement was preceded by proceedings to delist the company's shares from the New York Stock Exchange, which notified Getty Images on September 29, 2026, that it had begun the process. The exchange immediately suspended trading in the shares, according to the company's disclosure of the delisting decision. The exchange attributed the action to the stock's abnormally low selling price. The shares, which trade under the symbol GETY, began trading over the counter in the "Pink Limited" tier on September 30, 2026. The stock closed at approximately $0.0465 on October 9, 2026, according to EL7 data, before the restructuring agreement was announced.
During implementation of the arrangements, the support agreement requires the company to continue its business and operations in the ordinary course, consistent with past practices and the approved budget. The agreement set October 21, 2026, as the deadline to begin soliciting votes on the plan and file for bankruptcy protection, with extensions possible under its terms. It targets obtaining a court order confirming the plan within 55 calendar days of the filing date. That deadline is subject to court availability and may also be extended or waived under the agreement. Getty Images said it expects to complete the restructuring by year-end, according to the timetable announced when it unveiled the plan.