Getty Images draws $85 million in bankruptcy financing to support operations

Getty Images has borrowed $85 million under a bankruptcy financing arrangement intended to support its ongoing business and restructuring, according to a securities filing. The company entered the agreement Oct. 23 after receiving interim court approval, two days after it and several subsidiaries filed for Chapter 11 protection in Delaware.

The facility provides for up to $143 million, with further borrowing subject to court approval and other conditions. Getty says the financing, together with cash from operations, is intended to fund the Chapter 11 process and keep the business operating. The disclosure adds detail about liquidity during the restructuring; it does not announce a shutdown of Getty’s services.

Read more at SEC Form 8-K →