Bankruptcy Judge Lets Kodak Off The Hook For Theatre Naming Rights
Kodak, mired in bankruptcy proceedings, received court approval on Wednesday to end its $74 million, 20-year naming rights sponsorship of the Kodak Theatre in Los Angeles. The judgement comes after weeks of negotiation between the struggling film company and the property's manager, CIM Group, which unsuccessfully argued that breaking the sponsorship deal would be "legally impermissible and practically impossible," before the Oscars are to be held there on February 26th.
Kodak will still have a presence at the awards show a company spokesperson said on Wednesday, pointing to the fact that seven of the nine films nominated for Best Picture were shot on Kodak film.
Any lawyers out there care to comment on what kind of precedent this may set for the sponsorship industry?