The American photo agency Getty Images announced on Wednesday that it has filed for bankruptcy in a New York court.
The agency is formalizing the restructuring plans announced over a week ago, as part of the process through which the company is set to go private, writes Reuters.
Last week, Getty announced its intention to file for bankruptcy, marking a major reset after the planned merger with rival Shutterstock (SSTK.N) failed, amidst high debts and increasing competition from AI-generated images.
Getty stated that the affiliated entities of the Getty and Koch Equity Development families, which have committed to provide up to $533 million in new capital, will own 100% of the company after the restructuring is completed.
The company announced on Wednesday that it has initiated the official approval process for the restructuring plan presented last week.
The visual content provider declared that it will continue its operations normally throughout the process, without affecting the contributors, partners, clients, employees, or suppliers.
Getty Images estimates that it will complete the restructuring by the end of the year.
In the documents filed with the bankruptcy court in Delaware, the company estimated both its assets and liabilities at values ranging between $1 billion and $10 billion.
Competing with Reuters and Associated Press in the market for editorial photos and videos, Getty stated that funding of up to $143 million from Koch Equity Development will support the restructuring process.
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