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Bankrupt Kodak asks to pull name from Oscars theater

By Agence France-Presse
Thursday, February 2, 2012 7:33 EDT
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Kodak Theater photo via AFP
 
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The century-old photography trailblazer Eastman Kodak has filed a request to pull its name from the Los Angeles theater hosting the Oscars as part of bankruptcy proceedings launched last month.

The request filed at a New York bankruptcy court on Wednesday asks for the cancelation of a contract signed in 2001 with developer TrizecHahn Hollywood in which Kodak paid an annual sum to attach its name to the venue.

“The Debtors’ rejection of the Contract will represent a significant annual cost savings to the Debtors and their estate,” Kodak said in the filing.

“Accordingly, the Debtors submit that rejection of the Contract represents a sound exercise of their business judgment and should therefore be approved.”

The Kodak Theater, inaugurated in November 2001 with seating for 3,332, has hosted the Academy Awards — Hollywood’s premiere prize gala — since 2002.

The contract provided for the theater — currently owned by the CIM group — to bear Kodak’s name for 20 years.

Kodak, an iconic American firm that introduced generations of consumers to mass-market cameras, filed for bankruptcy last month and has a hearing scheduled for February 15.

The company hopes that seeking Chapter 11 bankruptcy protection will give it time to reorganize its businesses — and possibly sell off its valuable patent portfolio — to avoid being shut down entirely.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
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