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France’s Mars Films Put Under Court-Ordered Financial Restructuring, Plans to Focus on Production (Exclusive)

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 restructuring and monitoring for six months by a business court in Paris.

The company, which has 23 employees, went into receivership Aug. 1 after it stopped paying creditors. Mars Films has an annual revenue of €36.8 million and a debt of €78.6 million, including more than €20 millions in current liabilities, according to court documents filed earlier this month. Headed by Stephane Celerier and Valerie Garcia, Mars Films was rescued from financial struggles once before, in 2015, by Vivendi, which took a 30% stake in the company.

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

See full article on Variety