Getty Images Files Prepackaged Chapter 11, Taps KED for Up to $143M
GETY filed a Financing and Capital Events on light trading volume (0.3× avg).
Summary
Getty Images formally filed its prepackaged Chapter 11 in Delaware, the expected next step after the restructuring support agreement signed October 12th. The plan cancels all existing equity and hands 100% ownership to lenders, so the OTC shares are effectively worthless. An affiliate of KED will provide up to $143 million to fund the process, and the company expects to complete the restructuring by year-end and emerge privately held. Operations continue normally with no anticipated impact on customers, contributors, partners, employees, or vendors. The remaining question is court and regulatory approval timing through year-end.
At the time of this announcement, GETY was trading at $0.02 on OTC in the Trade & Services sector, with a market capitalization of approximately $8.3M. The 52-week trading range was $0.00 to $3.21. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.