Getty Images files bankruptcy to privatize with up to $533 million
Business
Getty Images is filing for bankruptcy, not because it's out of cash, but to help turn the company private and tackle its big debt.
Backed by an equity investment of up to $533 million from parties including members of the Getty family and affiliates of Koch Equity Development, this move is also about staying strong as AI-generated images shake up the photo world.
Getty missed Sept. 1 interest payment
Getty's assets and debts are somewhere between $1 billion and $10 billion.
After failing to make interest payments due Sept. 1, it took a month to work out this new plan instead of rushing to pay up.
The good news: Getty says suppliers will get paid in full, so business keeps rolling while it restructures.