Getty Images seeks rescue financing as debt crisis deepens
Getty Images seeks rescue financing as debt mounts and its stock has lost 99% of its value.
Getty Images is in talks with lenders about rescue financing, possibly through a special bankruptcy loan. The Getty family may contribute funds.
The company missed interest payments on September 1 and has a 30-day period to settle while talks continue. Credit rating agencies have downgraded the company as financial pressures increase.
S&P cut it to crisis level in September after its planned merger with Shutterstock fell through in July. The company has more than $1.3 billion in debt and approximately $51.6 million in cash as of June 30.
Its stock has lost more than 99% since going public.
- 1.3 billion dollars
- Total debt
- 51.6 million dollars
- Available cash
- 99 percent
- Stock value loss
- CCC in September
- S&P rating downgrade
Why it mattersGetty Images' financial collapse threatens a major source of stock photography used by publishers and businesses worldwide. The restructuring will reshape how the company operates and what it costs to license images.
AustraliaAustralian media outlets, designers and publishers who rely on Getty Images for stock photos may face higher licensing costs or service disruptions if the restructuring proceeds.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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