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Kodak wants to cut ties with Academy Awards theater

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.

If you or your business has been struggling financially, contact the Houston Chapter 11 bankruptcy lawyers of Russell Van Beustring, P.C. today at 713-973-6650.

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