Getty Images is heading for a prepackaged Chapter 11 within weeks, with up to $533M in new equity from the Getty family and Koch Equity Development and 83.5% of unsecured bondholders already on board.

What happened: Bloomberg reports Getty Images plans to file for a prepackaged Chapter 11 restructuring in the coming weeks after securing creditor support and commitments for up to $533 million in new equity. Key numbers: Up to $533 million in new equity; $270 million of senior unsecured notes retired; 83.5% of unsecured bondholders agreed; about 89% of secured bondholders and term loan holders Why it matters: The restructuring aims to keep Getty afloat as AI chatbots let users create visual content far cheaper than licensing. Shutterstock and Adobe Stock face similar substitution risk. Coverage: 5 outlets in 24h

Bloomberg reports Getty Images plans to file for a prepackaged Chapter 11 restructuring in the coming weeks after securing creditor support and commitments for up to $533 million in new equity.

The restructuring aims to keep Getty afloat as AI chatbots let users create visual content far cheaper than licensing. Shutterstock and Adobe Stock face similar substitution risk.