Getty Images has launched a solicitation process to advance its bankruptcy proceedings in the United States so that the stock photo agency can restructure.

News broke last week that Getty would file for Chapter 11 bankruptcy after its stock price had fallen to under $0.02 per share. The New York Stock Exchange suspended trading on its shares and began the process of delisting the company.

Getty’s troubles came after a planned merger with rival Shutterstock collapsed because a U.K. regulator raised concerns that it could hurt competition .

Getty has also faced competition from AI-generated imagery and got into a copyright lawsuit with Stability AI, which it mostly lost .

Yesterday (Wednesday), Getty launched a solicitation process seeking formal approval for its reorganization plan.

Reuters reports that Getty plans to continue operating throughout this restructuring process and doesn’t foresee any impacts on its contributors, employees, partners, customers, and vendors.

In a filing with the Delaware…