Kodak gives up the naming rights to the Oscars
Kodak, a great American corporation, filed bankruptcy last month. As part of its case, it gave up the naming rights to the Kodak Theatre, where the Oscars were held last weekend.
A naming right is an executory contract (or a contract for future performance) that costs Kodak, the debtor, significant money. Bankruptcy allows the debtor to terminate an executory contract, to cut the bleeding, as it were. Termination of executory contracts under Section 365 of the bankruptcy code is rarely so high-profile; why, even Billy Crystal joined in the jokes about it.