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Getty Images on Wednesday filed for Chapter 11 bankruptcy protections as part of a restructuring plan to take the flailing stock photo provider private.

It listed assets of $1 billion to $10 billion, and liabilities in the same range.

The content provider announced last week that it was planning to file in Delaware bankruptcy court after its near $4 billion merger with rival Shutterstock collapsed due to British antitrust challenges.

Getty Images on Wednesday filed for bankruptcy. Timon – stock.adobe.com

Getty Images – which has supplied photos and video for news agencies for more than 30 years – has been struggling amid a pile of debt and mounting competition from AI image generators.

The company will receive up to $533 million in fresh equity from affiliates of the Getty family – descendants of oil tycoon J. Paul Getty – and Koch Equity Development.…