Oct 12 (Reuters) – Getty Images said on Monday it had secured support from major creditors and investors for a comprehensive restructuring that will cut debt, raise fresh capital and take the visual-content provider private.
The company said affiliates of the Getty family and Koch Equity Development committed to invest up to $533 million of new equity under the restructuring support agreement.
Holders of Getty’s unsecured bonds agreed to retire $270 million of notes, while secured lenders agreed to reduce interest costs and extend debt maturities under the restructuring plan.
Upon completion of the restructuring, affiliates of the Getty family and Koch Equity Development will own 100% of the reorganized company, Getty said.
Getty plans to implement the transaction through an expedited prepackaged Chapter 11 bankruptcy process involving certain US entities and expects the restructuring to be completed by year-end.
The announcement comes months after Getty abandoned its planned $3.7 billion merger with rival Shutterstock, after Britain’s Competition and Markets Authority required Shutterstock to divest its editorial business as a condition for approving the transaction.
(Reporting by Anhata Rooprai in Bengaluru; Editing by Joyjeet Das)
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