Gamma, the venerable news, celebrity and creative stock image agency, was told by a commercial court in Paris that it has until the end of this year to cut jobs and reorganize its business and finances.

This observation period will end in January 2010, at which time the court will decide if the photojournalism agency will be declared bankrupt. Gamma, which is now a subsidiary of French photo agency Eyedea Presse, appeared in court at the end of July to ask the courts for protection after losing $4.2 million in the first half of 2009...