Kodak Theatre to be renamed amid company’s financial crisisFebruary 2, 2012 - 14:52 AMT PanARMENIAN.Net - Eastman Kodak Co. aims to cut costs in its restructuring by giving up its expensive naming rights to the Kodak Theatre, a modern Hollywood landmark that has been home to the Academy Awards for the past decade. Just weeks away from the 84th Annual Academy Awards broadcast, Kodak is seeking bankruptcy-court permission to escape the $75 million, 20-year sponsorship agreement it signed in 2000. Kodak, whose motion-picture film is not only used to make Oscar-winning movies but has also received its own golden Oscar statuettes for film science and technology, said the "significant annual fee" associated with the contract is no longer worth it. "The debtors have 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," the company said in court papers filed Tuesday, Jan 31, according to the Wall Street Journal. Top stories Ara Aivazian said Azerbaijan continues the traditions of Turkey after seizing territories and forced Armenians out. The creative crew of the Public TV had chosen 13-year-old Malena as a participant of this year's contest. She called on others to also suspend their accounts over the companies’ failure to tackle hate speech. Penderecki was known for his film scores, including for William Friedkin’s “The Exorcist”, Stanley Kubrick’s “The Shining”. Partner news | Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. U.S. Assistant Secretary of State to travel to Armenia Assistant Secretary for European and Eurasian Affairs James C. O’Brien will travel to Yerevan on June 10-12. |