Getty, a Major Image Library, Plans Bankruptcy Restructuring; VCG Says Cooperation Remains Normal

On October 12 local time, Getty Images, a global supplier of photos and visual content, announced it had reached a comprehensive restructuring agreement. The company plans to launch a prepackaged reorganization under Chapter 11 of the U.S. Bankruptcy Code within weeks, and to complete the restructuring and take the company private, delisting it, by year-end. In the Chinese market, Getty Images content can only be legally licensed through one company: Visual China Group. The two have held an exclusive partnership since 2005, spanning more than two decades. On October 15, Visual China Group said its business cooperation with Getty Images is currently normal, with no changes. (21 Finance)