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00:02Getty Images has three days to decide whether to make missed interest payments or move closer
00:06to a restructuring that could hand control to its lenders, Bloomberg reported on Monday.
00:10The company skipped payments due September 1st on notes due in 2027 and 2028 and invoked 30-day
00:17grace periods that expire around October 1st. Getty said it has enough cash to make the payments,
00:22but Bloomberg reported it is discussing new financing and a potential Chapter 11 restructuring
00:26with lenders. Shares hit a record low of $0.12 Monday, down roughly 93% over the past year.
00:32The company ended June with $51.6 million in cash as weaker search traffic, falling revenue,
00:38debt, and nearly $200 million in annual interest costs pressured its finances.
00:43For all things money, visit Benzinga.com.
