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Senator solvent but crosses off X

Three founders have set up a new shingle Y Filme

Senator Entertainment has emerged out of insolvency after two years — but it could lose its most successful subsid, X Filme, which is seeking to buy back the 56% stake that Senator owns.

X Filme is one of Germany’s most prosperous production outfits. Three of its founders and most successful directors, Wolfgang Becker (“Good Bye, Lenin!”), Tom Tykwer (“Run, Lola Run”) and Dani Levy (“Go for Zucker”) have set up a new shingle, Y Filme.

While X Filme co-topper Stefan Arndt and other producers remain, the move ups the ante in the negotiations between the two companies and leaves Senator with the prospect that it may end up with a creatively empty X Filme shell.

“We are having positive and constructive talks and we are going in a positive direction for both parties,” Senator topper Christopher Borgmann said Friday, adding that he was not worried about X Filme’s creative personnel jumping ship. “After what we have been through, I’ve learned to put fear aside and not to worry.”

Arndt said Becker, Tykwer and Levy will continue to work closely with X Filme. X Filme and Y Filme are co-producing Levy’s comedy “Mein fuhrer — Die wirklich wahrste wahrheit uber Adolf Hitler” (My Fuhrer — The Absolutely Truest Truth About Adolf Hitler).

Senator announced it was out of insolvency Wednesday, paving the way for the resumption of normal operations.

In November a consortium headed by Los Angeles-based German producer Marco Weber and Cologne attorney Helge Sasse agreed to take over Senator following restructuring. It divested subsidiaries, including Los Angeles-based Senator Intl., now Mandate Pictures.

Senator restructured e180 million ($218 million) worth of debt.

Company has been slowly getting back into business: It co-produced Gallic Oscar hopeful “Merry Christmas” and is releasing upcoming pics “Reine formsache” and Til Schweiger starrer “Special” as well as producing the animated “Das kleine arschloch und der alte sack — sterben ist scheisse,” a sequel to the 1997 hit “Little Asshole.”

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