Getty Images is filing for bankruptcy and plans to go private, the company announced on Monday.A release says that the company plans to begin the process of filing for Chapter 11 bankruptcy in the weeks ahead and undergo massive restructuring, which will ultimately see complete control and ownership of the company in the hands of the Getty family, as well as Koch Equity Development.

As a part of the restructuring, Koch Equity Development (which is the investment arm of Koch, Inc.) will invest up to $533 million, and as the process progresses, the company will “continue to operate in the normal course,” and “vendors will be unaffected and paid in full in the ordinary course of business,” according to the company’s release.

Getty is perhaps best known as a source of photographs and stock images used for a variety of purposes, and has faced significant headwinds with the advent of AI-generated imagery in recent years. Notably, in a recent investor presentation, company materials noted that there was “declining agency demand and disruption to the iStock eCommerce business. It had also announced plans to merge with Shutterstock in January—a plan that has since been scrapped.

Even so, company leadership says that it’s confident that going private and restructuring will help it regain its footing.

Mark Getty, Getty Images’ co-founder and chairman of the board, said in the company release that he was “pleased to continue our strong partnership with Koch Equity Development and the lender groups to provide capital structure improvements that will enable us to build on our solid foundation and seize new growth opportunities.”

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