When entering debt protection a bankruptcy attorney will recommend that a business shed some of its financial obligations. In an effort to return their business back to profitability Kodak wants to get have its name removed from the theatre that hosts the Oscars while in bankruptcy.
Kodak asked a U.S.
bankruptcy court to void a contract that costs an estimated $4 million a year and remove their name from the Oscar theatre while it restructures its debt.
Kodak said in court documents that it is rejecting the contract and the theatre should takes steps to remove its name and other related signage.
There is no word if Kodak’s name will appear on the theatre for this year’s Oscar ceremony which takes place February 26th.
Kodak’s name has appeared on the theatre since 2001. They initially signed a $14 million contract to have naming rights for the theatre.
Kodak, a 132 year-old company, filed for Chapter 11 bankruptcy on January 19th. The company is taking numerous steps to reduce its debts while it restructures, which include selling off over a thousand patents.
Entering bankruptcy is sometimes the only option for an ailing business.
Bankruptcy lawyers are necessary in this process and will help a business or individual make crucial decisions. A consultation with a
bankruptcy attorney will show the business how they can eliminate or reduce debt through the various structures available.
