Mars Films, a leading French distribution company that released American indie films such as Oscar winners “12 Years a Slave” and “Moonlight” in France, has been put under financial restructu…
, a leading French distribution company that released American indie films such as Oscar winners “12 Years a Slave” and “Moonlight” in France, has been put under financial restructuring and monitoring for six months by a business court in Paris.
In spite of its large debts, Mars boasts a strong library of more than 200 films among its assets, which together are worth a total of €107.3 million, according to the court documents. While it’s under financial restructuring, the company will proceed with the release in France of Woody Allen’s “A Rainy Day in New York” on Sept. 18, and has four other films on its slate.
Going forward, Mars Films will mostly turn away from distribution to focus on production, mainly feel-good films like “La Famille Belier” and “Two Is a Family,” Celerier told“Our strong track record as producers has encouraged us to focus our activity on making movies – that’s where we can make use of our creativity and the relationships with talent and filmmakers that we’ve developed through the years,” he said.
The crisis at Mars underscores the difficulties faced by French distributors from the declining commercial potential of French movies in theaters, as well as the fact that local TV channels have cut back on buying non-European films. That has made it nearly impossible for distributors to compensate for poor box office in secondary markets, a veteran film financier toldCelerier said that distributors have also been hurt by streamers in France.
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