Getty Images to go private after restructuring deal

NEW YORK — Getty Images said on Monday it had ​secured support from major creditors and investors for a comprehensive restructuring that ‌will cut debt, raise fresh capital and take the visual-content ⁠provider private.

The company ​said affiliates of ⁠the Getty family and Koch Equity Development ‌committed to ‌invest up to $533 million of new equity ⁠under the restructuring ⁠support agreement.

Holders of Getty's unsecured bonds agreed to retire $270 million of notes, while secured lenders agreed to reduce interest costs and extend debt maturities under the restructuring ‌plan.

Upon completion of the ​restructuring, affiliates of the Getty family and Koch Equity Development will own 100% of the reorganized company, Getty said.

Getty plans to implement the transaction through an expedited prepackaged Chapter 11 bankruptcy process involving certain U.S. ​entities and expects the restructuring to be ‌completed by ‌year-end.

The ⁠announcement comes months after Getty abandoned its planned $3.7 billion merger with rival Shutterstock, after Britain's Competition and Markets Authority required Shutterstock ‌to divest its editorial ​business as a ‌condition for approving ⁠the transaction.

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