Luc Besson's EuropaCorp considers options to raise cash, cut debt
25/11/2017 10:51
PARIS, Nov 25 (Reuters) - EuropaCorp ECP.PA , the
loss-making film production company founded by French director
Luc Besson, said it was considering "different options" to raise
cash, reduce its debt and cut costs.
After a box office disappointment for its big budget sci-fi
movie "Valerian and the City of a Thousand Planets", EuropaCorp
is reviewing a recapitalisation or a restructuring to cut the
cost of its debts, it said in a statement on Saturday.
It will also weigh cost cuts and the sale of non-strategic
assets in areas such as post-production or its film catalogue.
"These reflections are still preliminary at this stage and
no concrete transaction can be announced," it said.
EuropaCorp said its strategy was to refocus on its core
business to produce two to three English language feature films
each year, and two French language films.
Earlier this month, the group said that CEO Marc Schmuger
would leave and that founder Luc Besson, best known for
directing movies such as "The Fifth Element" and "Le Grand
Bleu", would assume interim CEO responsibilities. urn:newsml:reuters.com:*:nFWN1NG1BX
EuropaCorp had a net loss of 119.9 million euros in its
fiscal year 2016/17 ended March 31, 2017. It has warned of
another loss for full year 2017/18 urn:newsml:reuters.com:*:nFWN1NG1BX
(Reporting by Dominique Vidalon; editing by Alexander Smith)
((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))
Keywords: EUROPACORP OPTIONS/