Getty Images has officially filed for bankruptcy in the US as the photography giant moves forward with a major restructuring plan following its failed merger with Shutterstock. The company filed for Chapter 11 bankruptcy protection on October 21, confirming plans first announced earlier this month as it prepares to return to private ownership. Getty Images files for bankruptcy after failed Shutterstock merger According to Reuters, Getty Images filed for bankruptcy in Delaware, listing both its estimated assets and liabilities between $1 billion and $10 billion. Under the restructuring agreement, affiliates of the Getty family and Koch Equity Development will take full ownership of the company, providing up to $533 million in new equity.
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Dexerto