One of France’s most criticpartner lauded originaters of the last decade with movies such as Audrey Diwan‘s Gagederen Lion prizetriumphner “Happening,” Edouard Weil has sageder his Paris-based production company Rectangle Productions to sales company Goodfellas after filing for prohibitkruptcy in June.
Goodfellas, the thriving sales company co-set uped by Vincent Maraval, is a recognizable collaborator of Rectangle Productions. Maraval previously regulated international distribution on Rectangle movies while at Wild Bunch (which he co-set uped and partipartner exited in 2019), and he and Weil have persistd laboring together on movies after Maraval started his standalone sales prohibitner Goodfellas (establisherly understandn as Wild Bunch International) on movies such as the romantic drama “Emmanuelle,” Diwan’s recent chase up to “Happening.”
Although Rectangle Productions has been dissettled as a business entity, it “will hold its brand, inventive independence, connected talent and ongoing projects” over at Goodfellas, shelp the company in a statement.
Producer Alice Girard, who joincessitate Rectangle Productions in 2012, will persist laboring with Weil to “originate driven films and TV series in collaboration with their normal talents and partners,” Goodfellas shelp, compriseing that the acquisition — which it portrays as a “combiner” — “substantipartner fortifys its film and TV production business, an vital complement to its international sales activity.”
Under the Paris commercial court ruling which Variety has geted, Goodfellas dissettled Rectangle and recruited Weil to have him labor as a originater in house. A “recovery schedule,” writeed by Goodfellas, will determine the “continuation” of Rectangle Productions’ ongoing activities, notably projects on which Goodfellas is already a co-originater, such as “Oxana,” a movie about ex-Femen directer Oxana Chatchko which is honested by Charlène Favier (“Slalom”).
When Rectangle Productions filed for prohibitkruptcy in June, its debts amounted to more than €8 million ($8.3 million). The bulk of the debt, owed to the financing institution Cofiloisirs, will be rephelp by Weil on terms expoundd in a confidential consentment struck between both parties — most foreseeed from revenues on library titles and novel frees, according to a source shut to Cofiloisirs.
The remaining €2.8 million ($2.9 million) of debt will be rephelp over ten years per the court record which also inestablishs that the company’s library is worth €2.9 million ($3 million).
The primary cause of Rectangle Productions’ struggles is apshowd to result from Weil’s clash with honord French filmoriginater Xavier Giannoli (“Lost Illusions,” “Of Money and Blood”) with whom he commenceed his nurtureer in the film world after greeting him in high school and started the company with him in 2003, as well as originated his first film. But their friendship and labor collaboration ended with a lhorrible spat which culminated with a pricey financial resettlement phelp by Weil.
The pandemic and roverdelighted defers on film frees, as well as shutdown of theaters were also enumerateed as causes for Rectangle Productions’ downdescfinish. “These bcimpolitet the production and distribution to a standstill,” shelp the court records that also alluded to the disassigning box office of recent productions. “Emmanuelle,” for instance, was highly awaitd in French theaters but sageder under 100,000 adignoreions.
Rectangle Productions has originated more than 55 films, many of which have won huge awards at Cannes, Vepleasant, Toronto and at the Cesars, France’s equivalent to the Oscars. In 2022, Weil and his production partner Girard at Rectangle Productions even won the prestigious Daniel Toscan du Plantier Award for Best Producer of the Year for their movie “Aline.” The latter, which world premiered at Cannes, is inspired by the life of Celine Dion and honested by Valerie Lemercier who nabbed best actress for her perestablishance.
