Luis Mandoki's $40m thriller 24 Hours is to be the only film produced under the high profile alliance between Germany's Senator Entertainment and Mark Canton's The Canton Co.

The two companies this week dissolved their production and financing pact, which was signed only last August. The partners were to deliver four to six pictures a year over five years, with Warner Bros having first look for North American distribution.

While the companies were not explicit about the reasons for the collapse of the deal, Senator's plunging share price and the threat of economic slowdown has clearly forced many German outfits to shrink their ambitions. "The business plan we envisioned a year ago does not seem as viable now," said Canton.

Senator retains a 51% interest in The Canton Co, but their production relationship will now be on a picture-by-picture basis. Canton will control all aspects of development and production on the 20 projects on the development slate. Senator retains ownership and a position in any future completed film.

"Our restructured deal is a more sensitive and flexible arrangement that better fits Canton's and Senator's needs in the current marketplace," said Senator chairman Hanno Huth.

Columbia Pictures is to release 24 Hours in the US, UK, France, Italy, Spain and Latin America in the second quarter of next year.