From The Straits Times · · 40s
Getty Images Begins Bankruptcy Chapter 11
Getty Images starts Chapter 11 bankruptcy to restructure debt and go private.
In brief
Getty Images starts Chapter 11 bankruptcy to restructure debt and go private. Getty Images began Chapter 11 bankruptcy proceedings to restructure debt with $533 million investment, aiming to complete by year end. Originally reported by The Straits Times.
Getty Images starts Chapter 11
Getty Images began voluntary Chapter 11 proceedings in Delaware US Bankruptcy Court to complete debt restructuring and take the company private.
“The company has launched a solicitation process for formal approval of the prepackaged plan of reorganization and, to implement the plan in the most efficient manner, has commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware... for certain of its US entities”
Investment to cut debt
Getty Family and Koch Equity Development will invest up to US$533 million to reduce debt while keeping operations normal during the process.
Completion by year end
Getty expects to finish debt restructuring by year end after regulatory approvals, with shares delisted after falling below US$1.
Here's the gist
Getty Images began Chapter 11 bankruptcy proceedings to restructure debt with $533 million investment, aiming to complete by year end.
