Bloomberg News

Kodak to Ditch Sponsorship Deal for Academy Awards Theater

February 01, 2012

Feb. 1 (Bloomberg) -- Eastman Kodak Co., looking to cut costs while in bankruptcy, plans to give up naming rights to the Kodak Theater in Los Angeles, which hosts the annual Academy Awards show.

Kodak is seeking court permission to reject the sponsorship contract because of the “significant annual cost savings” that will come with doing so, the company said in court papers filed yesterday in U.S. Bankruptcy Court in Manhattan.

Any benefit related to the naming rights “likely does not exceed or equal the debtors’ costs associated with the contract,” the company said.

The Kodak Theatre has hosted the Academy Awards since 2001, according to the theater’s website. The 84th awards show is scheduled for Feb. 26. Kodak, based in Rochester, New York, filed for bankruptcy last month.

The case is In re Eastman Kodak Co., 12-10202, U.S. Bankruptcy Court, Southern District of New York (Manhattan)

--Editors: Fred Strasser, Charles Carter

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus