Dhaka, Oct. 13 -- Getty Images plans to file for prepackaged Chapter 11 bankruptcy and go private, backed by up to $533 million in new equity from the Getty family and Koch Equity Development, Quartz reports.

Under the restructuring agreement, the two investor groups would own 100 percent of the reorganised company once it exits bankruptcy, it said on Monday.

Noteholders holding 83.5 percent of Getty's unsecured bonds have agreed to retire $270 million in outstanding notes, while lenders representing the bulk of its secured debt have agreed to lower interest obligations and push back maturities.

Koch Equity Development will provide up to $143 million to finance the process, which is expected to wrap up by year's end. The filing will co...