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UPDATE 1: Getty Images Files for Prepackaged Chapter 11 to Implement Agreed-Upon Plan of Reorganization

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✨ Summary by AI at Octus
Getty Images Holdings Inc. has filed for chapter 11 bankruptcy protection, reporting assets and liabilities between $1 billion and $10 billion. The company aims to implement a financial restructuring plan that includes an equity investment of up to $533 million from the Getty Family and Koch Equity Development, along with a significant reduction in debt and resolution of legal liabilities. The restructuring plan has the support of major financial stakeholders and is expected to be completed by the end of the year, resulting in Getty Images becoming a privately held company. Throughout the process, Getty Images plans to continue normal operations without impacting content contributors, partners, customers, employees, or vendors.

Wed Oct 21, 2026 04:11 AM ET: Getty Images Holdings Inc. filed petitions for chapter 11 protection today, reporting $1 billion to $10 billion in both assets and liabilities.

According to a press release, the company commenced voluntary chapter 11 proceeding for certain of its U.S. entities to implement its previously disclosed financial restructuring, which includes an equity investment of up to $533 million from members of the Getty Family and affiliates of Koch Equity Development, a “significant reduction” in the company’s outstanding debt and a resolution of non-operating legal liabilities.

The company has launched a solicitation process for formal approval of the prepackaged plan of reorganization and, to implement the plan. Under a restructuring support agreement entered into on Oct. 12, the plan already has the support of the company’s major financial stakeholder groups, including the equity investors and lenders across the capital structure.

As part of the process, the company has filed with the U.S. Bankruptcy Court for the District of Delaware a series of customary motions to facilitate fulfilling commitments to employees, serving customers, and making pre- and post-filing payments to vendors in the ordinary course. The company expects to fund the restructuring with financing from an affiliate of Koch Equity Development of up to $143 million, in addition to cash generated from ongoing operations.

The company said that it expects to complete the restructuring by year end after customary regulatory approvals are obtained and emerge as a privately held company owned by members of the Getty family and affiliates of Koch Equity Development.

Getty Images added that it will continue operating in the ordinary course throughout the process. According to the company’s press release, there is no anticipated impact on content contributors, partners, customers, employees, or vendors, and the company expects to continue fulfilling obligations and serving stakeholders as usual.

The company is represented by Simpson Thacher & Bartlett and Cole Schotz P.C. as legal counsel, Guggenheim Securities as investment banker and Alvarez & Marsal North America as financial advisor. Kekst CNC is serving as strategic communications advisor to the company. Gibson, Dunn & Crutcher LLP is serving as legal counsel and Houlihan Lokey Capital, Inc. is serving as investment banker to the ad hoc group of secured creditors. Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel and Perella Weinberg Partners LP is serving as investment banker to the ad hoc committee of unsecured creditors. Milbank LLP is serving as legal advisor to the agent for the revolving lenders. Jones Day is serving as legal advisor and Rothschild & Co is serving as financial advisor to Koch Equity Development. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor and Moelis & Company LLC is serving as financial advisor to members of the Getty Family, through certain of their affiliated entities. The case number is 26-11643.

The affiliated debtor-entities are Griffey Midco (DE) LLC, Abe Investment Holdings Inc., Getty Images Inc., Getty Images (US) Inc., Getty Images News Services (PRC) Inc. and Getty Images (Seattle) Inc.

The debtors’ largest equity holders are the Getty Family Stockholders with 45.5% of interests held and KED Icon Holdings LLC with 27.32% of interests held.

The debtors’ largest unsecured creditors are:
 

 

 

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