Getty Images filed for Chapter 11 bankruptcy on Wednesday, formalizing restructuring plans unveiled more than a week ago as part of its move to go private.
Last week, Getty announced plans to file for bankruptcy, marking a major reset after its planned merger with rival Shutterstock collapsed under the weight of heavy debt and growing competition from AI-generated imagery.
Getty said the affiliates of the Getty family and Koch Equity Development, which committed to provide up to $533 million in new equity, will own 100% of the company after the restructuring.
Getty said on Wednesday it launched a solicitation process to secure formal approval for its reorganization plan announced last week.
The visual-content provider said it will continue operating in the ordinary course throughout the process, with no impact on content contributors, partners, customers, employees or vendors.