Getty Images Holdings, Inc. filed Chapter 11 petitions for certain U.S. entities Wednesday as it seeks approval for a restructuring that would reduce debt and transfer ownership to its backers.
Getty began soliciting creditor votes on Oct. 20, a day before filing the cases in the U.S. Bankruptcy Court for the District of Delaware. The company has not announced a vote result. Creditors eligible to vote on the plan have until Nov. 30 at 5 p.m. ET to submit their ballots.
Under the proposed plan, holders of about $270 million in senior unsecured notes would receive roughly $170.2 million in cash as the notes are retired. Noteholders representing 83.5% of Getty’s unsecured bonds agreed to the terms. Holders of about 89% of secured bonds and term loans, along with all revolving credit facility lenders, also agreed to lower interest obligations and extend secured-debt maturities.
Members of the Getty family, through affiliated entities, and affiliates of Koch Equity Development committed up to $533 million toward the transaction. That ceiling includes up to $143 million in financing during the court process and about $100 million of existing investor debt slated for conversion into equity, so it does not all represent fresh cash. Getty also expects to use cash from ongoing operations and says the case should not disrupt contributors, partners, customers, employees or vendors.
If the court confirms the plan, existing shares would be canceled without payment, while Getty family and Koch affiliates would own the reorganized company, subject to a management incentive plan. The terms are detailed in Getty’s filing and an earlier account of the ownership plan.
Getty reported a consolidated net loss of $206.183 million for 2025. In an Oct. 1 filing, the company said the New York Stock Exchange had notified it of delisting proceedings and immediate trading suspension because of abnormally low selling prices; Getty shares began trading on the OTC Pink Limited Market on Sept. 30. Getty expects to complete the restructuring by year-end 2026, subject to creditor acceptances, bankruptcy court approval and required regulatory approvals.
