A lineup of elite U.S. and French firms, led by Gibson, Dunn & Crutcher and Weil, Gotshal & Manges, is advising two major French-based film and television production companies on multimillion-euro restructuring and refinancing plans.

The deals underscore the long reach of the COVID-19 economic downturn into the entertainment industry, where productions have been halted and many remain in suspense because of the health crisis.