Getty Images files for US bankruptcy, advances restructuring plan

Getty Images has launched a process to secure formal approval for its reorganisation plan following its decision to seek bankruptcy protection, as the visual-content provider aims to complete a financial restructuring by the end of this year.

The company said on Wednesday that it had begun soliciting approval for the plan announced last week, which marks a major reset after its proposed merger with rival Shutterstock collapsed amid heavy debt and growing competition from AI-generated imagery.

Under the restructuring plan, affiliates of the Getty family and Koch Equity Development, which have committed to providing up to $533 million in new equity, will own 100% of the company.

Getty Images said it would continue operating in the ordinary course throughout the process, with no impact on its content contributors, partners, customers, employees or vendors.

In a filing with the US Bankruptcy Court in Delaware, the company estimated its assets and liabilities to be in the range of $1 billion to $10 billion.

Koch Equity Development will also provide up to $143 million in financing to support the restructuring process, Getty said.

Getty Images, which supplies photographs and videos for editorial use and competes with news agencies Reuters and The Associated Press, has faced mounting pressure from the rapid development of artificial intelligence tools capable of generating images.

The collapse of its planned merger with Shutterstock, combined with its debt burden and intensifying competition, has pushed the company towards restructuring as it seeks to strengthen its financial position.