International
Kodak seeks exit from Hollywood theatre sponsorship
MUMBAI: New York-headquartered digital imaging company, Eastman Kodak Company, has opted for a pre-mature exit from its 20-year naming rights deal worth $75 million for Hollywood‘s Kodak Theatre, which is also the home of Academy Awards.
The development comes close on the heels of the company filing for Chapter 11 Bankruptcy Protection and obtaining a $950 million, 18-month credit facility from Citigroup to enable it to continue trading.
In a filing before U.S bankruptcy court judge, the company requested that it be relieved of the contract since company‘s debtors have determined that “any benefits on the rights does not exceed or equal the debtors‘ costs associated with the contract”.
The 3,332 seat theatre was built by CIM Group, a leading real estate and infrastructure investment firm, at a cost of $94 million.
A crown jewel of the Hollywood & Highland Center retail, dining and entertainment complex located in the heart of historic Hollywood, the Kodak Theatre was designed by the internationally-renowned Rockwell Group.
The naming of Kodak Theatre, which was expected to run through to 2020, was believed to be one of the most significant non-sports corporate sponsorships of that time.
