Distressed-Debt Lenders Aid Getty Images in Battle Against Shutterstock
- Group of bondholders have agreed to give new cash to company
- Investors will get back better-ranked bonds, higher interest
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Getty Images Inc., the digital photography pioneer that’s been struggling for cash amid a price war with newer rivals, is getting a lifeline from investors known for profiting from distress.
For the investors, which according to people with knowledge of the matter include Archview Investment Group, D.E. Shaw Investments, MatlinPatterson Global Advisers and Silver Point Capital, the deal is proving a truism in distressed-debt investing: To make money, be prepared to spend a bunch of it first.