Overview
- Getty reached a prearranged agreement with a majority of its creditors to file an accelerated Chapter 11, a move the company announced on Monday that it expects to complete before the end of the year.
- Members of the Getty family and investors tied to Koch Equity Development have committed up to $533 million in new financing, with Koch providing up to $143 million to back the plan.
- The restructuring calls for Getty to leave the New York Stock Exchange and transfer ownership of the reorganized company to Getty family affiliates and Koch Equity Development.
- Getty says it will keep operating normally during the court-supervised process, and creditors have agreed to measures such as note write-downs, lower interest costs, and extended loan maturities to reduce near-term payments.
- The deal follows a year of pressure on Getty’s finances despite record 2025 revenue of $981.3 million, including a $206.1 million net loss and the collapse of a planned merger with Shutterstock after UK competition conditions limited that option.