The Eastman Kodak Co. has ended its sponsorship deal with the theater that hosts the Oscars after a Chapter 11 bankruptcy filing.
Kodak signed the 20-year naming right contract with CIM Group, the real estate company that owns the theater, in 2000. A U.S. bankruptcy court judge ruled Wednesday to allow the company to end its $75 million deal.
The ruling comes just 11 days before the Academy Awards are to be held.
CIM Group objected to the move, while Kodak argued that given the company’s financial situation, it can no longer justify the more than $4 million it pays in fees for the naming rights.
“Under the Contract, Kodak pays a significant annual amount for, among other things, the naming rights related to the Kodak Theatre,” the filing reads. “The Debtors have evaluated the Contract in consultation with their professional advisors and determined that any benefit related to these rights likely does not exceed or equal the Debtors’ costs associated with the Contract.”
The company’s name has been synonymous with the Academy Awards since the event moved to the Kodak Theatre at Hollywood & Highland a decade ago.