The stock-photography giant said it will file a prepackaged Chapter 11 plan, backed by a restructuring agreement with all of its major lender groups. The plan, which the company expects to complete by the end of the year, would cut hundreds of millions of dollars in debt, take the business private and leave its operations running normally. The collapse follows the failure of a $3.7 billion merger with rival Shutterstock. Getty walked away from the deal this summer after the UK's Competition and Markets Authority demanded that Shutterstock's editorial business be sold off as a condition of approval. Getty described editorial photography as the part of the industry it most wanted to grow, and its chief executive Craig Peters said the company had already spent more than $100 million on professional fees and financing costs chasing the combination. A lifeline comes from familiar backers. The Getty family and Charles Koch's investment firm, Koch Equity Development, have committed up to $533 million in new equity. Koch's arm first backed Getty in 2018 with $500 million of preferred equity. The company, which carries about $2.1 billion in debt, initiated delisting from the New York Stock Exchange on 13 October. The deeper pressure is structural. Getty's iStock business has been losing subscribers and agency demand as generative image tools reshape how clients create visuals. The company has responded by licensing content to AI developers, including a notable agreement with OpenAI, while continuing to litigate against AI companies it says trained on copyrighted images. The bankruptcy will also be used to address what the company called non-operating legal liabilities, including a long-running fight over warrants left over from its SPAC listing, for which it has already paid tens of millions in judgments.