Kodak files to pull sponsorship from iconic Oscar theater

10:53 PM, Feb 2, 2012   |    comments
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Credit: AP/file.

(CNN) - Eastman Kodak wants a divorce from the Oscars.

The company filed a motion in court this week asking to pull its sponsorship of the iconic Hollywood theater that bears its name.

The move is to save money.

Kodak is more than $6 billion in debt.

The company filed for Chapter 11 bankruptcy protection two weeks ago.

Keeping the name on the theater reportedly costs $4 million a year.

The filing comes weeks before the Oscars ceremony on February 26th.

It's not clear if Kodak's name will be removed before then or how it will affect the Academy Awards.