- Getty Images says received two default notices:
Getty Images said on Wednesday it received two notices of a purported default from some holders of the company's convertible debentures. The notices represent about 29 percent of the company's $265 million of 0.5 percent convertible subordinated debentures, Getty said in a statement. Getty said the default notices stemmed from the company's failure so far to file its third-quarter report with the U.S. Securities and Exchange Commission.
Reuters, also the Seattle Times ("Getty Images spokesman Alan Pickerill declined to estimate when the results would be filed"), original statement here (Edgar Online): "While the Company has questioned the claimants’ legal theory ... the Company believes that if an “Event of Default” were to occur and the Debentures were accelerated, it has adequate financial resources to pay any unpaid principal and any interest that would then be due on the Debentures".
•Shuman & Berens LLP Encourages Stockholder Of Getty Images To Consider Their Legal Options (Nov. 15, 2006)
•Getty Images Announces Delay in Filing Form 10-Q, Forms Special Committee to Investigate Stock Option Grants (Nov. 10, 2006), also here.
Tag: Getty Images