As a lifelong cinephile with a penchant for European cinema, I must say that the news of Edouard Weil’s acquisition of Rectangle Productions by Goodfellas, following their financial struggles, is quite intriguing. It seems like a fresh take on the age-old Hollywood trope of a fallen production house being resurrected under new management.
As a cinephile and ardent supporter of French cinema, I’ve been following the career of critically acclaimed producer Edouard Weil over the past decade. His impressive portfolio includes masterpieces like Audrey Diwan’s “Happening,” which won the Golden Lion at the Venice Film Festival. Recently, due to financial difficulties, Weil has made a significant move by selling his Paris-based production company, Rectangle Productions, to Goodfellas, a renowned sales company in the industry. This transition took place following Weil’s bankruptcy filing in June.
Vincent Maraval, one of the co-founders of the prosperous sales company Goodfellas, has had a long-standing partnership with Rectangle Productions. Prior to founding Goodfellas (previously known as Wild Bunch International), Maraval was responsible for international distribution on films produced by Rectangle while he was at Wild Bunch. After leaving Wild Bunch partially in 2019, Maraval and Weil have continued their collaboration on various movies. Some of the projects they’ve worked on together include the erotic drama “Emmanuelle,” which is a follow-up to Diwan’s “Happening,” under Maraval’s new sales banner Goodfellas.
Despite no longer operating as a separate business, Rectangle Productions will continue to maintain its brand identity, creative autonomy, associated talent roster, and active projects under Goodfellas’ umbrella, according to their official announcement.
Alice Girard, the producer who joined Rectangle Productions in 2012, will carry on collaborating with Weil to “create daring films and television shows alongside their regular artists and associates,” as Goodfellas stated. This union, which Goodfellas referred to as a “merger,” enhances its film and TV production sector significantly, providing a crucial boost to its international sales activities.
As per the ruling in the Paris Commercial Court, EbMaster has enabled Goodfellas to disband Rectangle and hire Weil to work as an in-house producer. A plan devised by Goodfellas, termed a “recovery plan,” is designed to keep Rectangle Productions’ active operations ongoing. This includes projects where Goodfellas is already a co-producer, such as the movie “Oxana” directed by Charlène Favier about ex-Femen leader Oxana Chatchko, which is currently in production.
In June, Rectangle Productions declared bankruptcy, with debts exceeding €8 million ($8.3 million). A large portion of this debt, owed to the lending institution Cofiloisirs, will be repaid by Weil, as outlined in a confidential agreement between them. It’s believed that these payments will come from earnings derived from library titles and upcoming releases, based on information from a source familiar with Cofiloisirs.
According to the court document, the outstanding debt of approximately $2.9 million (€2.8 million) will be paid off in installments over a ten-year period. Additionally, the court document states that the company’s library has an estimated value of €2.9 million ($3 million).
It’s widely thought that Rectangle Productions’ difficulties stem from a disagreement between its founder, Weil, and renowned French filmmaker Xavier Giannoli (“Lost Illusions,” “Of Money and Blood”). They had collaborated in the film industry after meeting in high school, but their friendship and professional partnership disintegrated due to a legal dispute that eventually required a substantial financial settlement from Weil.
The pandemic, theater closures, and delays in film releases significantly impacted Rectangle Productions, causing a halt in their production and distribution processes. Court documents mention this, along with the poor performance of recent productions at the box office, such as “Emmanuelle,” which despite high anticipation in French theaters, only attracted less than 100,000 admissions.
Rectangle Productions has created over 55 films, many of these winning accolades at festivals such as Cannes, Venice, Toronto, and the Cesars (France’s equivalent to the Oscars). In the year 2022, Weil and his production partner Girard from Rectangle Productions were honored with the esteemed Daniel Toscan du Plantier Award for Best Producer of the Year, recognizing their film “Aline.” This movie, which debuted at Cannes, is inspired by the life story of Celine Dion and was directed by Valerie Lemercier who received the best actress award for her performance.
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2024-12-20 17:16