 In this Feb. 26, 2011 file photo, Oscar statues stand in front of the Kodak Theatre as preparations for the 83rd Academy Awards continue in Los Angeles. THE CANADIAN PRESS/AP, Jae C. Hong
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LA co. challenges Kodak move to dump theatre 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.
The Democrat and Chronicle of Rochester reports that 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 newspaper reports that 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 says the sponsorship should remain in place until the end of 2012 to give it time to remove signs and find a new sponsor.
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Information from: Rochester Democrat and Chronicle, http://www.democratandchronicle.com
