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Bond Market News
Getty Images Enters Restructuring Support Agreement
October 14, 2026
On Monday, Getty Images entered into a restructuring support agreement with its majority shareholders and creditors to implement a comprehensive recapitalisation through a prepackaged Chapter 11 bankruptcy process. The restructuring aims to address the company’s substantial debt burden and strengthen its capital structure. The majority shareholders have committed ~$533mn in equity and financing support, including up to $143mn in debtor-in-possession loans and the conversion of ~$100mn of existing shareholder debt into equity. Holders of first-lien term loans and the 11.25% senior secured notes due 2030 will exchange their claims dollar-for-dollar for new senior secured debt with extended maturities and reduced interest rates. Meanwhile, holders of unsecured notes will receive ~$170.2mn in aggregate cash, effectively retiring the unsecured notes. Existing shareholders will have their equity interests cancelled without compensation, while the majority shareholders will own 100% of the reorganised company, subject to management incentive plan dilution. The company aims to commence Chapter 11 proceedings by October 21, obtain court confirmation of the restructuring plan within 55 days and complete the process within 75 days.
Its secured 11.25% 2030 notes jumped by 13 cents on the dollar to trade at 90.2, yielding 15.1%.
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– Vandit P
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