Getty Images Holdings, Inc. disclosed a $143 million bankruptcy loan after drawing $85 million, giving the company court-supervised financing to fund its Chapter 11 case and ongoing operations.
The company borrowed the initial amount on Oct. 23, when the U.S. Bankruptcy Court for the District of Delaware approved the financing on an interim basis. A Form 8-K filed Monday with the Securities and Exchange Commission said the facility, combined with cash generated by the business, is intended to cover the bankruptcy process and support operations.
The remaining $58 million is split between a $28 million tranche available after a final court order and $30 million in delayed-draw commitments that may be taken in as many as five draws, subject to conditions. Those delayed funds may cover items in the approved budget or replace cash previously spent on those items.
The Company Parties must keep at least $15 million in cash on hand at all times, including money in a segregated debtor-in-possession (DIP) account. The loan carries administrative superpriority, except for a court-ordered carve-out. Lenders’ liens rank first on specified collateral; on property already pledged before bankruptcy, they rank behind certain secured debt.
Getty can choose interest at Term SOFR plus 5% or a base rate plus 4%, with interest added to the principal. The facility matures by Jan. 31, 2027, or earlier if the restructuring plan takes effect or another specified event occurs.
Getty and certain subsidiaries filed for Chapter 11 on Oct. 21 as they pursued a prepackaged reorganization. The proposed plan would cancel all existing equity interests on its effective date, with holders receiving no distribution, recovery or property if the court confirms it. The financing follows the company’s Chapter 11 filing and restructuring plan.
