Bankruptcy Court for the District of Delaware as part of a plan to take the company private. The filing covers certain U.S. entities, according to Inc.'s report and the court documents it cites.
Getty family members and affiliates of Koch Equity Development, Koch Inc.'s investment arm, have committed $533 million in new equity capital. Under the proposed prepackaged reorganization, Getty family affiliates and Koch would own 100% of the reorganized company.
Getty said it is seeking votes on the plan. The company had announced the restructuring on October 12, saying holders representing 83.5% of its unsecured bonds agreed to retire $270 million in senior unsecured notes; other creditors agreed to interest reductions and maturity extensions. The filing followed the termination of Getty's proposed $3.7 billion merger with Shutterstock. The source does not establish that AI-generated imagery caused the bankruptcy, nor does it establish whether the reorganization will be approved or completed.