Overview
- Getty Images reached a Restructuring Support Agreement in which Getty-affiliated entities and Koch Equity Development committed up to $533 million of new equity for the reorganized company.
- Creditors agreed to material debt relief including the retirement of $270 million in senior unsecured notes and reduced interest with extended maturities on secured loans.
- Koch Equity Development committed up to $143 million of interim financing to fund operations through the restructuring alongside cash from ongoing business activity.
- The company will implement the deal via an expedited, prepackaged Chapter 11 limited to certain U.S. entities and expects to emerge privately owned by the new equity holders by year-end.
- Getty says operations, vendor payments, employees and contributor relationships will continue in the ordinary course while the process addresses non-operating legal liabilities.