News photography giant Getty Images is going private, using the Chapter 11 process to restructure.
The Wall Street Journal has reported that Getty will “continue to operate normally” as the restructuring proceeds, with Koch Equity Development and investing Getty family members to own it outright.
Koch and the Gettys have committed US$533 million (A$763 million) in equity to facilitate the process. Additionally, noteholders representing 83.5 per cent of Getty’s unsecured bonds will retire US$270 million of outstanding unsecured notes.
The WSJ says Getty plans to solicit approval and start the Chapter 11 process “in the coming weeks”.
A required majority of creditors will vote for the plan, which should be completed before the end of the year.
Pictured: Inside Getty Images’ Seattle headquarters (photo Office Snapshots)