Kodak Asks For Name To Be Removed From Hollywood Theatre
Kodak has filed a motion in U.S. Bankruptcy Court seeking to get out of the remaining eight years of its sponsorship contract for Hollywood's famous Kodak Theatre. The 20 year sponsorship signed in 2000 with the owner of Hollywood & Highland Center, TrizecHahn, is said to be worth approximately $75 million.
In a statement Kodak spokesman Christopher Veronda said today, "Our motion today reflects our commitment to ensure that we are maximizing value for our entertainment customers, creditors and other stakeholders."
According to the Rochester Democrat and Chronicle, the company has been in discussions with the owner of the property and has asked that the company remove Kodak signage at the venue.
Last month, Kodak scaled back, but decided to renew its PGA Tour sponsorship only days before its announced bankruptcy filing.
Meanwhile, TrizecHahn won't be the only company in Hollywood affected by the bankruptcy proceedings. Sony Studios (owed $16.7 million), Warner Brothers (owed $14.2 million), NBC Universal (owed $9.3 million), Paramount (owed $6.8 million) and Disney (owed $4.2 million) are all listed among Kodak's 50 largest unsecured claims.