According to CoinMeta, Getty Images ( Getty Images ) filed for Chapter 11 bankruptcy protection on Wednesday, officially implementing the reorganization plan it announced over a week ago, which is part of the company's privatization process. Last week, Getty announced plans to seek bankruptcy protection, marking a major adjustment for the company. Previously, its merger plan with competitor Shutterstock was aborted due to heavy debt burdens and increasingly fierce competition from AI-generated images. Getty stated that affiliated companies of the Getty family, as well as Koch Equity Development Company, which pledged to provide up to $533 million in new equity, will hold 100% of the company's shares after the reorganization.