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Getty Images Set to File for Bankruptcy | Markets & Money News
Getty Images plans to file for bankruptcy and transition to a privately held company after a restructuring deal, aiming for completion by year-end. They'll undergo a prepackaged Chapter 11 process to reset amidst challenges from AI competition and a failed merger with Shutterstock. The Getty family and Koch Equity Development will regain control, investing up to $533 million to strengthen the company. The restructuring also includes reducing debt, with bondholders and lenders renegotiating
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