A group of producers are putting together a $90 million budgeted package for a planned remake of 1973 prison drama "Papillon".The original film, starred actors Steve McQueen and Dustin Hoffman as criminals trying to escape from Devil's Island, a French penal colony located in South America.
Spanish production company Atlantia Canarias recently closed a deal for the rights to the autobiography of author Henri Charriere, whose best-selling book served as the basis for "Papillon".
The company has teamed up with Los Angeles-based producers Branko "Gladiator" Lustig and John J. "Into The Wild" Kelly.
Financing has reportedly been arranged through a Canary Islands tax investment vehicle.
The original film had an estimated budget of $12 million...
