Getty Images has reached an agreement with its major financial stakeholder groups on a comprehensive restructuring that includes up to $533 million in new equity investment from Getty Family members and Koch Equity Development affiliates. The transaction is designed to strengthen Getty Images’ balance sheet, reduce debt obligations and support future growth.
Under the restructuring support agreement, holders representing 83.5% of Getty Images’ unsecured bonds have agreed to eliminate $270 million of outstanding senior unsecured notes. Holders representing about 89% of the company’s secured bonds and term loans, along with all revolving credit facility lenders, have agreed to reduce interest obligations and extend maturities of secured debt. After the restructuring, Getty Images is expected to become privately held, with the new equity investors owning 100% of the reorganized company.
Getty Images plans to implement the restructuring through an expedited prepackaged Chapter 11 process involving certain U.S. entities. The company expects to file in the coming weeks and complete the restructuring by the end of 2026. The required creditor majorities have committed to support the proposed reorganization plan.
Koch Equity Development will also provide up to $143 million of financing to support Getty Images during the restructuring. Getty Images expects to continue operating normally throughout the process, with vendors paid in the ordinary course and no anticipated impact on employees, customers, content contributors or partners.
The transaction gives Getty Images additional financial flexibility to invest in its business and long-term growth. Getty Images operates the Getty Images, iStock and Unsplash brands and works with more than 600,000 content creators and more than 360 content partners globally.
KEY QUOTES:
“Getty Images is uniquely trusted around the world as the unparalleled leader in premium visual content. This transformational transaction is underpinned by the strength of the business and the significant growth potential we see ahead. I am pleased to continue our strong partnership with Koch Equity Development and the lender groups to provide capital structure improvements that will enable us to build on our solid foundation and seize new growth opportunities.”
Mark Getty, Co-Founder And Chairman Of The Board Of Getty Images
“Getty Images is a unique and critical source of authentic imagery for its customers. We remain confident in the company’s future and fully support this transaction alongside the Getty family. This equity investment will provide Getty Images with a firm financial foundation and greater flexibility to continue investing in its employees, customers, contributors, and future growth.”
Mike Harris, Senior Managing Director And Co-Head Of Koch Equity Development
“Over more than 30 years, Getty Images has operated an extremely successful and highly differentiated business. Core pillars of our success are the longstanding commitment of our customers and partners, the deep expertise and creativity of our team and content contributors, and the uniqueness of our archive. This transaction speaks to another pillar: the steadfast support of the Getty family, Koch Equity Development, and our lenders. Their commitment to achieving this transaction and an enhanced balance sheet will enable us to accelerate investment into the business and better position Getty Images for long-term success.”
Craig Peters, Chief Executive Officer Of Getty Images
