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Judge Allows Kodak Out of Theater Naming Rights Obligation

A bankruptcy judge has approved Kodak's request to remove its name from the theater that hosts the Oscars.

At Wednesday's bankruptcy hearing in New York City, lawyers for Kodak scored TWO key victories.

Judge Allan Gropper approved a 950 million dollar financing deal with Citigroup and also gave Kodak permission to cut bait on a sponsorship deal that would've cost the company $38 million.

Kodak signed a 20-year naming rights agreement with the Hollywood theater in 2000.

With less than two weeks to go until this year's Oscars, the judge didn't rule on how quickly the Kodak name should be removed.

He did say that Oscar host Billy Crystal is likely to make a few jokes at Kodak's expense.

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