Kodak wants name off LA home of Oscars broadcast - WAOW - Newsline 9, Wausau News, Weather, Sports

Kodak wants name off LA home of Oscars broadcast


ROCHESTER, N.Y. (AP) -- Eastman Kodak Co. wants to end its contract for naming rights to the glamorous Los Angeles theater that hosts the Academy Awards as it tries to improve its financial position enough to move out of bankruptcy.

The photography pioneer's financial advisers say in a U.S. Bankruptcy Court filing this week that the benefits of having the upstate New York company's name on the 3,300-seat Kodak Theatre aren't worth the cost.

Details of the contract with CIM Group of Los Angeles weren't disclosed. But the company says it pays a significant amount annually for the naming rights at the venue. It opened in 2001.

Rochester-based Kodak filed for Chapter 11 bankruptcy protection on Jan. 19. The 132-year-old company is required to produce a reorganization plan by early 2013.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

APNP-02-02-12 1434CST

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