Luc Besson’s EuropaCorp, which was granted a six-month debt waiver in May from a French commercial court to find a white knight, has posted a 34% year-on-year drop in its annual revenue and a…
, which was granted a six-month debt waiver in May from a French commercial court to find a white knight, has posted a 34% year-on-year drop in its annual revenue and a loss of $125 million for the financial year that ended March 31.
EuropaCorp said the slight increase in operating margin was “mainly due to a slate more closely aligned with company’s historic successes and to the strong decrease in P&A expenses in the U.S.,” where EuropaCorp released three films during the previous fiscal year. Pathé is currently in advanced negotiations to take a majority stake in EuropaCorp, but the company is in the middle of some tough discussions on an agreement with EuropaCorp’s junior lender, Vine, over a portion of debt that matures next April, according to a financing source.
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