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The Associated Press
ROCHESTER, N.Y. (AP) -- Eastman Kodak Co. wants to end its contract for naming rights to the glamorous Los Angeles theater that hosts the Academy Awards as it tries to improve its financial
position enough to move out of bankruptcy.
The photography pioneer's financial advisers say in a U.S. Bankruptcy Court filing this week that the benefits of having the
upstate New York company's name on the 3,300-seat Kodak Theatre aren't worth the cost.
Details of the contract with CIM Group of Los Angeles weren't disclosed. But the company says it pays a significant amount annually for the naming rights at the venue.
It opened in 2001. Rochester-based Kodak filed for Chapter 11 bankruptcy protection on Jan. 19. The 132-year-old company is required to produce a reorganization plan by early 2013.
The Associated Press