Kodak Breaking Up with the Oscars
Eastman Kodak is trying to end its sponsorship of the Hollywood theater that bears its name and hosts the Academy Awards as part of the photography company’s bankruptcy process.
Kodak, which filed for Chapter 11 bankruptcy protection on Jan. 19, filed court documents on Wednesday requesting that it sever its contract with the Kodak Theatre in Los Angeles, according to Kodak.
“Kodak has filed a motion with the court to allow us to discontinue the sponsorship that included theater naming rights,” said spokesman Christopher Veronda in an e-mail to CNNMoney.
Veronda would not confirm or deny reports that the contract was for $4 million per year.
“We have not released the terms of the annual payment,” he said.
The filing comes just weeks before the Oscars ceremony, scheduled for Feb. 26 at the theater.
A spokesman for CIM Group, the company that owns the theater, did not immediately respond to an e-mail from CNNMoney as to whether the contract’s cancellation will affect the Oscars.
Kodak, a once mighty icon of the photography industry, has struggled to evolve from film and compete in the digital age, even though it was an early pioneer of digital photography.
The Rochester, N.Y.-based company, which was founded in 1888, said in its filing that it had more than 100,000 creditors with debts totaling $6.75 billion.
Kodak said it managed to obtain $950 million in financing from Citibank to maintain operations.
(Aaron Smith, CNN, New York, Reporting)