LA co. challenges Kodak move to dump theater deal
ROCHESTER, N.Y.—The owner of Hollywood's Kodak Theatre is challenging bankrupt Eastman Kodak Co.'s effort to end its sponsorship agreement and have the company's name removed from the Academy Awards venue.
CIM Group of Los Angeles has filed an objection in U.S. Bankruptcy Court opposing Kodak's move to get court approval to terminate its naming rights deal for Kodak Theatre.
The agreement signed in 2000 was for 20 years at a cost of $72 million, with $3.6 million due this year.
Rochester-based Kodak filed for bankruptcy protection Jan. 19 after years of turnaround efforts.
CIM claims Kodak already has reaped publicity from this year's Oscars on Feb. 26. They argue the sponsorship should remain in place at least until the end of 2012 to give them time to find a new sponsor.
Information from: Rochester Democrat and Chronicle, http://www.democratandchronicle.com