One of France’s most critically lauded producers of the last decade with movies such as Audrey Diwan‘s Golden Lion prizewinner “Happening,” Edouard Weil has sold his Paris-based production company Rectangle Productions to sales company Goodfellas after filing for bankruptcy in June.
Goodfellas, the thriving sales company co-founded by Vincent Maraval, is a longtime collaborator of Rectangle Productions. Maraval previously handled international distribution on Rectangle movies while at Wild Bunch (which he co-founded and partially exited in 2019), and he and Weil have continued working together on movies after Maraval launched his standalone sales banner Goodfellas (formerly known as Wild Bunch International) on movies such as the erotic drama “Emmanuelle,” Diwan’s recent follow-up to “Happening.”
Although Rectangle Productions has been dissolved as a business entity, it “will retain its brand, creative independence, attached talent and ongoing projects” over at Goodfellas, said the company in a statement.
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Producer Alice Girard, who joined Rectangle Productions in 2012, will continue working with Weil to “produce ambitious films and TV series in collaboration with their usual talents and partners,” Goodfellas said, adding that the acquisition — which it describes as a “merger” — “substantially strengthens its film and TV production business, an essential complement to its international sales activity.”
Under the Paris commercial court ruling which Variety has obtained, Goodfellas dissolved Rectangle and recruited Weil to have him work as a producer in-house. A “recovery plan,” drafted by Goodfellas, will ensure the “continuation” of Rectangle Productions’ ongoing activities, notably projects on which Goodfellas is already a co-producer, such as “Oxana,” a movie about ex-Femen leader Oxana Chatchko which is directed by Charlène Favier (“Slalom”).
When Rectangle Productions filed for bankruptcy 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 repaid by Weil on terms defined in a private agreement struck between both parties — most likely from revenues on library titles and new releases, according to a source close to Cofiloisirs.
The remaining €2.8 million ($2.9 million) of debt will be repaid over ten years per the court document which also reports that the company’s library is worth €2.9 million ($3 million).
The primary cause of Rectangle Productions’ struggles is believed to result from Weil’s clash with celebrated French filmmaker Xavier Giannoli (“Lost Illusions,” “Of Money and Blood”) with whom he started his career in the film world after meeting him in high school. Weil launched the company with Giannoli in 2003, as well as produced his first films. But their friendship and work collaboration ended with a legal spat which culminated with a pricey financial settlement paid by Weil.
The pandemic and related delays on film releases, as well as shutdown of theaters were also listed as causes for Rectangle Productions’ downfall. “These brought the production and distribution to a standstill,” said the court documents, which also allude to the disappointing box office of recent productions. “Emmanuelle,” for instance, was highly anticipated in French theaters but sold under 100,000 admissions.
Rectangle Productions has produced more than 55 films, many of which have won awards at Cannes, Venice, 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 directed by Valerie Lemercier who nabbed best actress for her performance.