The financially struggling company was initially given a six-month debt reprieve from the court in May while it conducted discussions with lenders and other investors on how to restructure its debt and equity. EuropaCorp said the six-month extension, granted Tuesday, will “notably allow for the finalization of the current discussions with lenders” regarding a restructuring plan.
EuropaCorp is currently in negotiations to be taken over by the New York investment fund Vine Alternative Investments, its junior lender. Vine Alternative Investments already has a controlling stake in Village Roadshow Entertainment Group.
Earlier this month, EuropaCorp announced that its U.S. arm, EuropaCorp Films USA, had also been granted a six-month debt waiver. A company spokesperson told Variety that that move was chiefly an administrative procedure since EuropaCorp Films USA doesn’t have any assets.
EuropaCorp’s biggest asset is its library, which includes successful franchises such as “Taken,” “Taxi” and “Transporter.” Its debt load exceeds $250 million.
Besson’s latest film, “Anna,” grossed about $31 million worldwide, including just $7.7 million in the U.S. His previous directorial effort, the $180 million “Valerian and the City of a Thousand Planets,” grossed $225.8 million worldwide. Once the biggest purveyor of French-produced English-language movies worldwide, EuropaCorp hasn’t had a film in production for more than a year.