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Getty Images files for Chapter 11 bankruptcy protection
Getty Images has filed for Chapter 11 bankruptcy protection in the United States to restructure its debt. The Seattle-based digital photo agency faces approximately $2.1 billion in debt, which is roughly €1.9 billion.
The company has reached an agreement with creditors to establish a new repayment schedule with various financial institutions. As part of the restructuring, the Getty family and investor Koch Equity Development will invest $533 million.
Getty Images also plans to go private and withdraw from the stock market following a 99% decline in its valuation since its initial public offering four years ago. The company stated that the legal process will not impact its daily operations, employees, collaborators, or customers, and that payments will continue as usual.
Entities
Getty Images · Getty family · Jonathan Klein · Koch Equity Development · Mark Getty · New York Stock Exchange · Seattle · Shutterstock
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The company's total debt is approximately $2.1 billion. www.lavanguardia.com
- [● 4 SOURCES] Getty Images has filed for Chapter 11 bankruptcy protection. octobergallery.com · www.artsjournal.com · entrevue.fr · www.lavanguardia.com
- [○ 1 SOURCE] The Getty family and Koch Equity Development will invest $533 million in the restructuring. www.lavanguardia.com
- [○ 1 SOURCE] The company's valuation has fallen 99% since its IPO four years ago. www.lavanguardia.com
- [○ 1 SOURCE] Getty Images plans to withdraw from the stock market and become a private company. www.lavanguardia.com
- [○ 1 SOURCE] The bankruptcy filing will not impact operations, employees, or customers. www.lavanguardia.com