Getty Images Files for US Bankruptcy
Getty Images filed for Chapter 11 bankruptcy to formalize its restructuring plan after a planned merger collapsed. The company expects to complete the process by the end of the year with backing from the Getty family and Koch Equity Development.
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Getty Images filed for Chapter 11 bankruptcy in the United States on Wednesday morning, launching a restructuring plan to secure up to $533 million in new equity. The move follows the collapse of its planned merger with rival Shutterstock due to heavy debt and rising competition. The visual-content provider expects to complete the restructuring by year-end.
