Getty Images formally files for Chapter 11

Gary Pageau

Register to get 3 free articles

Support the Dead Pixels Society and get access to exclusive content by becoming a subscriber!

No spam Unsubscribe anytime

Want unlimited access? View Plans

Already have an account? Sign in

Getty Images formally filed for prepackaged Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware, advancing the restructuring announced Oct. 12. Seven Getty entities are included in the filing, covering  approximately:

  • $539.9 million of 11.25% secured notes
  • €407 million of euro-denominated term loans
  • $40.1 million of dollar-denominated term loans
  • $150 million of revolving loans
  • $270 million of unsecured notes

Getty says it expects to finance the proceedings with up to $143 million from a Koch Equity Development affiliate plus operating cash. Existing common shares will be cancelled without recovery if the plan is confirmed. The company still expects to emerge privately held by year-end following an investment of up to $533 million from Getty-family and Koch affiliates.

Getty says operations, customers, contributors, employees and vendors should continue normally.

Written by 

Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.