Kodak filed a petition in federal court on January 31 requesting to be let out of its contract. The current contract, which was signed in 2000, orders Kodak to pay $75 million over 20 years to keep their name across the top of the theatre. Since their bankruptcy filing in late December, Kodak has been trying to restructure its finances and cut costs.
But CIM says to pull out of the contract now would be an inconvenience and hurtful to the promotions and advertisement of the Academy Awards, which are held at the theatre. In their petition filed on Wednesday, CIM says that removing the Kodak name from the theatre is "not practically feasible."
A court hearing is scheduled for February 15.