Getty Images filed for Chapter 11 bankruptcy in Delaware on Wednesday, formalizing its restructuring plan and its move to become a privately owned company. The action follows the collapse of its planned merger with Shutterstock, amid heavy debt and growing competition from AI-generated imagery. Getty family affiliates and Koch Equity Development will own 100% of the company, with Koch providing up to $533 million in new equity and up to $143 million in financing for the restructuring. Getty Images launched a solicitation process to obtain formal approval of the plan, expects to continue operating normally and aims to complete the restructuring by year-end; both its assets and liabilities are estimated at between $1 billion and $10 billion.
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