Global business updates: Getty Images restructuring and regional investments

Several major business developments are occurring across different sectors. Getty Images has announced a Chapter 11 bankruptcy restructuring to address significant debt and the impact of generative AI on its licensing model. As part of the plan, the Getty family and Koch Equity Development will inject up to $533 million in new capital, leading to the company transitioning to private ownership.

In Bosnia and Herzegovina, the sale of the construction giant Hidrogradnja has faced setbacks after a previous buyer, Halid Čustović, failed to pay the purchase price within the deadline. A new public auction for the company is scheduled for October 26, with an initial price of approximately 88 million KM. Meanwhile, Fibraworld is investing between 4 and 5 million KM to build a new 5,000-square-meter production facility in Gradačac to expand its fiberglass profile operations.

In Montenegro, the company Vile Oliva has paid 20.4 million euros for the purchase of Hotel Plaža. The funds will be used to settle creditors, including banks and local utilities, and the company plans to renovate the property into a 4-star hotel with an additional investment of up to 20 million euros.