Getty Images files for bankruptcy protection, plans to bring in new funding and go private through restructuring.

PANews October 21 news, according to Bloomberg, image library and stock photo service provider Getty Images has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the District of Delaware. The company had previously reached a restructuring support agreement and will introduce new funding and achieve privatization through a prepackaged bankruptcy restructuring.

The filing shows that the company's listed assets and liabilities are both in the range of $1 billion to $10 billion.