Getty Images Holdings Inc., the visual content giant behind millions of photographs used worldwide, filed for Chapter 11 bankruptcy protection Wednesday in Delaware, bringing more than $1 billion in debt before the court alongside a restructuring plan backed by major creditors and a proposed $533 million investment.

The company’s filing aims to reshape its financial obligations, reduce interest costs and inject fresh capital into a business squeezed by litigation expenses and the collapse of a planned merger with Shutterstock in 2025.

Getty Images said members of the Getty family and affiliates of Koch Equity Development have committed to providing new investment under the proposed restructuring.

The company entered into a restructuring support agreement on Oct. 12, securing backing from major financial stakeholders, including equity sponsors and lenders across its capital structure. Getty has also begun soliciting creditor approval for a prepackaged bankruptcy plan that would eliminate $270 million in unsecured debt and lower interest payments on certain secured obligations.

“Today's filing is a procedural step to implement the financial restructuring previously announced. Getty Images continues to operate normally, serving customers and supporting contributors and partners around the world,” CEO Craig Peters said.

“This process addresses our capital structure and certain nonoperating liabilities and supports expanded investment into our content and services,” he added.

Getty Images Files Chapter 11 as Liquidity Plunges 80%

Despite generating substantial revenue, Getty Images has faced a financial squeeze that left its cash reserves dangerously thin. In a first-day declaration accompanying the bankruptcy petition, Peters said the company recorded $978 million in revenue during the 12 months ending June 30. Yet its liquidity had fallen by 80% over the preceding two years.

As of Wednesday, Getty had slightly more than $50 million in available liquidity, a level the declaration described as just above the threshold needed to sustain its international operations.

A series of financial blows contributed to the decline. Peters cited approximately $200 million in adverse litigation judgments involving disputes over warrant redemptions and other claims, along with about $100 million in expenses associated with the failed Shutterstock merger.

High debt-servicing costs and mandatory debt redemptions further drained the company’s resources, even as it continued generating significant revenue and maintaining strong margins. Credit rating agencies subsequently downgraded the company, according to the declaration.

The situation left Getty attempting to preserve a global operation while carrying a heavy financial burden — a challenge the restructuring is designed to address.

Inside Getty Images’ $1.456 Billion Debt Burden

Getty entered bankruptcy with approximately $1.456 billion in secured and unsecured debt obligations, most of which is secured by liens covering the company’s assets, Peters said.

The debt structure includes:

• A $150 million revolving credit facility.
• $496 million in term loans.
• $540 million in secured notes carrying an 11.25% interest rate.
• $270 million in unsecured notes.

The proposed refinancing would restructure 100% of the secured debt, extend maturity dates on revolving loans and settle the $270 million in unsecured note claims at a $100 million discount.

Under the proposal, unsecured noteholders would therefore receive less than the full face value of their claims, while the company would gain relief from part of its outstanding obligations.

Getty Family and Koch Equity Development Back Rescue

The Getty family and Koch Equity Development, identified in the filing as the debtors’ two largest shareholders and sponsors of the plan, have committed to a financing package totaling $533 million.

According to the declaration, the package includes $113 million in debtor-in-possession financing, the conversion of $100 million in term loans into equity and $433 million in new cash investments, reduced by amounts funded under the debtor-in-possession facility.

The financing is intended to support Getty’s operations while the restructuring moves forward and provide additional resources for investment in its content and services.

Creditor Support Builds After Weeks of Negotiations

Getty Images began intensive negotiations with stakeholder groups in August, exchanging multiple proposals through September, Peters said. Those discussions culminated in the Oct. 12 restructuring support agreement.

The agreement has the backing of stakeholders holding approximately $1.31 billion in funded debt. Signatories include holders of about 90% of the company’s funded debt, 83% of its unsecured notes and all of its revolving loans, according to the declaration.

That support gives the company a substantial base of creditor backing as it seeks approval for the prepackaged restructuring plan.

U.S. Bankruptcy Judge J. Kate Stickles scheduled a first-day hearing for 3 p.m. Eastern time Thursday, to be conducted through Zoom.

Getty Images’ Global Content Business Continues Operating

Getty Images owns and operates Getty Images, iStock and Unsplash, brands that supply visual content to customers around the world. Its extensive archive contains millions of images, including photographs dating back more than a century.

The company said its bankruptcy filing will not interrupt ordinary operations, customer service or support for contributors and business partners worldwide.

Getty is receiving financial advice from Alvarez & Marsal North America LLC, investment banking advice from Guggenheim Securities LLC and strategic communications advice from Kekst CNC.

Its legal team includes Seth Van Aalten, Justin R. Alberto, Patrick J. Reilley, Sarah A. Carnes and Jack M. Dougherty of Cole Schotz PC, along with Brian E. Schartz, Elisha D. Graff, Rachael L. Foust, Dov Gottlieb and Olivia F. Acuña of Simpson Thacher & Bartlett LLP.

The restructuring now puts Getty Images at a critical financial crossroads. With creditor backing and hundreds of millions of dollars in proposed new funding, the company is seeking to reduce its debt pressure while protecting the operations that underpin its global visual content business.