Getty Seeks Court Approval for Bankruptcy Restructuring Plan

Getty Images has launched a solicitation process to advance its bankruptcy proceedings in the United States so that the stock photo agency can restructure.

News broke last week that Getty would file for Chapter 11 bankruptcy after its stock price had fallen to under $0.02 per share. The New York Stock Exchange suspended trading on its shares and began the process of delisting the company.

Getty’s troubles came after a planned merger with rival Shutterstock collapsed because a U.K. regulator raised concerns that it could hurt competition.

Getty has also faced competition from AI-generated imagery and got into a copyright lawsuit with Stability AI, which it mostly lost.

Yesterday (Wednesday), Getty launched a solicitation process seeking formal approval for its reorganization plan.

Reuters reports that Getty plans to continue operating throughout this restructuring process and doesn’t foresee any impacts on its contributors, employees, partners, customers, and vendors.

In a filing with the Delaware bankruptcy court, the company estimated that both its assets and liabilities fall between $1 billion and $10 billion.

In its filings covering December 31, 2024, through June 30, 2026, Getty reports $108 million in cash expenditures associated with the Shutterstock merger, and $17 million associated with its Stability AI litigation in the United States and the United Kingdom.

Getty’s plan for restructuring includes $533 million worth of equity from the Getty family and Koch Equity. Those parties will own 100% of the company after the process is complete.

Writing for PetaPixel last week, CEO of the American Society of Media Photographers (ASMP), Thomas Maddrey, explained that Getty’s practical objective is to “preserve the licensing business while changing its financial obligations and getting out of some of the debt it is carrying. A successful restructuring could leave more cash available for operating the business.”

“Chapter 11 also provides legal tools for restructuring. Once a petition is filed, an automatic stay generally pauses many lawsuits and collection efforts against the company,” Maddrey adds.

“The business can usually continue operating while it seeks court approval of a plan to reorganize its debts. In a prepackaged case, the company negotiates the plan and seeks creditor approval before filing, with the aim of shortening the court process.”

Maddrey advises photographers who have contributed to Getty and iStock to gather their records. Read his full advice here.