Once the restructuring is complete, Getty Images will be a privately held company owned by the equity investors. (EPA Images pic) NEW YORK: US photography company Getty Images said on Wednesday it has commenced legal proceedings at a US bankruptcy court, as part of a previously announced plan to restructure its debt and take the firm private.

"The company has launched a solicitation process for formal approval of the prepackaged plan of reorganization and, to implement the plan in the most efficient manner, has commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware... for certain of its US entities," Getty Images said in a press release.

Getty, which partners with AFP among numerous other media companies, said this month that it had reached an agreement with major lenders and would undertake a "pre-packaged" bankruptcy.