Eastman Kodak Co has requested the US bankruptcy courtroom to void an believed $US4 million-a-yr contract to have its title on the Hollywood theatre that hosts the Oscars. Kodak mentioned in court documents that it was submitting a motion to reject the contract and that the theatre must take all measures required to take away the company's naming legal rights and signage associated with it.
About 10 years ago, Kodak agreed to shell out $US74 million to builders to see its identify on the 3,four hundred-additionally seat theatre.
The creating is owned by CIM Group.
A spokesperson for CIM was not instantly available to comment.
Kodak is happy of its important function in the leisure industry, and our extended-standing relationship with filmmakers. Our movement these days reflects our determination to make sure that we are maximizing value for our amusement customers, creditors and other stakeholders, the firm stated.
Kodak's bankruptcy on January 19 has been reverberating by means of Hollywood in numerous techniques.
Among Kodak's top unsecured lenders are significant studios, owed tens of millions of bucks in movie rebates, who fear Vancouver Canucks Jerseys they will not get repaid.
Major amusement firms detailed among Kodak's top 50 unsecured creditors contain Sony, owed $US16.7 million Time Warner's Warner Brothers, $US14.two Toronto Maple Leafs Jerseys million Comcast NBC Universal, $US9.three million Viacom's Paramount Studios, $US6.eight million and Walt Disney Studios, $US4.2 million.
Sources have said most of these debts are related to movie rebates owed to the studios who acquire movie from Kodak on a image-by-image foundation.
The price of film varies and typically drops as a studio utilizes more, which is why they are usually owed rebates.
The Academy Awards will Toronto Maple Leafs Jerseys be presented on February 26.
Reutersreport=2012-02-03data
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