Wednesday, July 15, 2020

KODAK’S MOMENT MAY BE OVER IN HOLLYWOOD

February 2, 2012 by · Leave a Comment 

The Eastman Kodak Company, whose iconic brand name once appeared in the credits of virtually every motion picture released in Hollywood, appears to be slowly fading to black, the victim of the modern digital age when film is being replaced by digital recording and cameras by mobile phones. Now, the familiar announcer’s intonation “Live from the Kodak Theatre in Hollywood!” preceding numerous glittering events, including the annual Oscars presentations, may be placed on mute as well. The company, now in Chapter 11 bankruptcy reorganization, wants out of its $75-million, 20-year naming contract with the theater. In court papers, company executives said that they had “evaluated the contract in consultation with their professional advisers and determined that any benefit related to these rights likely does not exceed or equal the debtors’ costs associated with the contract.” A hearing on the matter has been set for February 15 at the U.S. Bankruptcy Court in Manhattan — less than two weeks before this year’s Oscars presentations.