Mergers & Acquisitions ·
Getty Images agrees to $533M equity investment and Chapter 11 restructuring, cancelling existing shares
GETYGetty Images Holdings, Inc.
Getty Images Holdings entered a Restructuring Support Agreement with majority shareholders (the Getty Family) and Koch Equity Development for a comprehensive prepackaged Chapter 11 plan. The deal includes an approximately $533 million equity commitment from the Getty Family and KED, which will own 100% of the reorganized company upon emergence. Existing common stock will be cancelled with no recovery for current shareholders. The restructuring involves converting secured debt into new instruments, retiring senior unsecured notes for approximately $170.2 million in cash, and establishing a $150 million revolving credit facility. Getty Images is a global visual content creator and marketplace.