Getty Images Files Chapter 11 to Implement Restructuring Backed by $533 Million Equity Investment

Getty Images Holdings Inc. (GETY) said Wednesday it initiated voluntary Chapter 11 proceedings for certain U.S. entities to implement its previously announced financial restructuring, funded by up to $143 million in financing from a Koch Equity Development affiliate and cash from ongoing operations. The plan includes an equity investment of up to $533 million from members of the Getty family and Koch Equity Development affiliates, alongside a significant reduction in outstanding debt and resolution of certain non-operating legal liabilities. The company expects to complete the restructuring by year-end. Getty Images closed Tuesday trading 14.81% higher at $0.0155 on the OTC.