Posted on Tuesday, February 7th, 2012 at 7:01 pm
The Kodak Theater has been home to the Academy Awards since 2001, and in its effort to recover from bankruptcy, Eastman Kodak Co. wants to end its 20-year contract with awards show.
According to the company’s financial advisers, having Kodak’s name on the theater is not worth the contract costs. Kodak pays a significant annual fee to have its name on the theater.
Kodak must submit a reorganization plan by February 15, 2013 under its bankruptcy financing terms. The company has also been given permission to borrow an initial $650 million from Citigroup Inc. Some of Kodak’s creditors, which are owed tens of millions of dollars, include Sony, Warner Brothers, NBC Universal, Amazon, and Paramount Pictures.
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