One big name that likely won’t be at this year’s Oscars: Kodak.
The Eastman Kodak Co. received court approval Wednesday to end its sponsorship deal with the Hollywood theater that is the venue for the Academy Awards.
Kodak signed a $74 million deal for naming rights to the theater in 2000. But the struggling photography company filed for Chapter 11 bankruptcy protection last month and wanted to end its contract for naming rights of the glamorous Los Angeles theater as it tries to improve its finances.
The company’s financial advisers said in court documents that the benefits of having the company’s name on the 3,300-seat erstwhile Kodak Theatre aren’t worth the contract’s cost.
Kodak confirmed Wednesday that a U.S. Bankruptcy judge approved its request to end the deal.
It’s unclear what name will be on the theater when the Oscars are awarded Feb. 26. Kodak said the termination is effective immediately and deferred questions on the theater’s name to the venue’s owners and the Academy of Motion Picture Arts and Sciences.
CIM Group, which owns the theater, declined to comment on the decision or the future of the theater’s name. A representative for the academy did not immediately respond to a request for comment.
In addition to the theater’s name, its owners may have to make other tweaks.
The theater has a George Eastman Room, named after Kodak’s founder, which displays one of the nine Oscar statuettes that Kodak has been awarded through the years for its scientific and technical achievements and contributions to the industry, according to the theater’s website
Kodak, based in Rochester, N.Y., is a photography pioneer but has been battered by competition and has failed to keep up with the shift from film to digital technology. It has been in a roughly decade-long turnaround but filed for bankruptcy protection when it ran short on cash.
The U.S. Bankruptcy Court in the Southern District of New York handling the case also approved a $950 million debtor-in-possession financing for Kodak on Wednesday that allows it to operate normally during bankruptcy, while it tries to sell its collection of digital-imaging patents.
Kodak spokesman Christopher Veronda said the company will still have a presence at the awards show. He noted that seven of the nine films nominated for the Oscar for best picture were shot on Kodak film.
Bankruptcy court approves Kodak’s financing
A U.S. Bankruptcy Court judge in New York is approving Eastman Kodak Co.’s $950 million debtor-in-possession financing.
The photography company announced the court’s decision Wednesday. The money allows Kodak to operate normally during bankruptcy, while it tries to sell its collection of digital-imaging patents.
Following drawn-out efforts to revive its business, Kodak filed for Chapter 11 bankruptcy protection in January when it ran short of cash. The $950 million financing includes an initial $650 million from Citigroup Inc. approved by the court when Kodak first filed.
Disney Pledges $15 million In L.A. Fire Aid As More Celebs Learn They’ve Lost Their Homes
The Pacific Palisades wildfires torched the home of "This Is Us" star Milo Ventimiglia, perhaps most poignantly destroying the father-to-be's newly installed crib.
CBS cameras caught the actor walking through his charred house for the first time, standing in what was once his kitchen and looking at a neighborhood in ruin. "Your heart just breaks."
He and his pregnant wife, Jarah Mariano, evacuated Tuesday with their dog and they watched on security cameras as the flames ripped through the house, destroying everything, including a new crib.
"There's a kind of shock moment where you're going, 'Oh, this is real. This is happening.' What good is it to continue watching?' And then at a certain point we just turned it off, like 'What good is it to continue watching?'"
Firefighters sought to make gains Friday during a respite in the heavy winds that fanned the flames as numerous groups pledged aid to help victims and rebuild, including a $15 million donation pledge from the Walt Disney Co.
More stars learn their homes are gone
While seeing the remains of his home, Ventimiglia was struck by a connection to his "This Is Us" character, Jack Pearson, who died after inhaling smoke in a house fire. "It's not lost on me life imitating art."
Mandy Moore, who played Ventimiglia's wife on "This Is Us," nearly lost her home in the Eaton fire, which scorched large areas of the Altadena neighborhood. She said Thursday that part of her house is standing but is unlivable, and her husband lost his music studio and all his instruments.
Mel Gibson's home is "completely gone," his publicist Alan Nierob confirmed Friday. The Oscar winner revealed the loss of his home earlier Friday while appearing on Joe Rogan's... Read More