Getty Images begins Chapter 11 for certain U.S. entities under proposed take-private restructuring

Getty Images began voluntary Chapter 11 proceedings for certain U.S. entities on Oct. 21 under a restructuring intended to take it private. CNBC reports Getty says affiliates of the Getty family and Koch Equity Development have committed up to $533 million in new equity and would own the company if the restructuring is completed. Getty expects completion by year-end after regulatory approvals and says it will keep operating normally during the process.