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)
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