NACON Enters Insolvency Proceedings Right Before NACON Connect Showcase Event

NACON Files for Insolvency Amid Financial Turmoil

This morning, NACON, a prominent French video game publisher, has officially filed for insolvency. This decision comes in light of significant financial issues stemming from its majority shareholder, Bigben Interactive.

Background on the Financial Crisis

On November 24, 2025, Bigben Interactive made an announcement revealing that it had successfully secured a €43 million refinancing agreement from a coalition of leading French banks, which was set to be repaid over a six-year term. This process was intended to partially cover previous outstanding bonds, with an additional liability of approximately €16.1 million remaining, due at the maturity date.

Unexpected Setbacks

However, on February 13, 2026—merely four business days prior to the scheduled repayment—the banking pool informed Bigben that it would not honor the drawdown notice linked to the refinancing effort. The banks cited a potential breach by Bigben for failing to fulfill specific informational obligations outlined in the credit agreement.Bigben has contested this conclusion and has reserved all its rights in light of the situation. This last-minute refusal has left the company, and NACON by extension, with minimal time to seek alternative solutions.

Impact on Trading and Operations

Consequently, Bigben Interactive announced a temporary suspension of trading for its shares on Euronext Paris, along with its bonds on Euronext Access Paris. NACON, as a subsidiary, experienced a similar suspension of its shares.

Legal Actions Taken by Both Companies

This morning, both companies have initiated distinct court procedures that reflect their unique circumstances. Bigben has opted for an amicable conciliation approach, emphasizing that it intends for this process to have no adverse effects on its operations, employees, or customer relations. Bigben highlighted that its primary asset remains its significant stake in NACON, controlling 56.72% of the share capital and 65.79% of the voting rights.

In contrast, NACON is facing a far more critical situation. The subsidiary has declared its inability to meet current obligations directly as a result of the financial woes affecting its parent company. NACON has enacted full judicial reorganization proceedings, allowing for a freeze on existing liabilities for an observation period lasting up to 18 months. This period will enable NACON to formulate a viable continuation plan. However, without an effective strategy emerging from this process, liquidation remains a tangible risk.

The Fallout for Gamers and Upcoming Events

This predicament is particularly distressing for fans of NACON’s gaming titles, especially as the publisher announced the upcoming NACON Connect Showcase, scheduled for March 4, 2026. This event is set to unveil new updates and footage on anticipated titles such as Edge of Memories, The Mound: Omen of Cthulhu, and Cthulhu: The Cosmic Abyss.

NACON’s Development Studio Portfolio

NACON currently boasts an impressive roster of 16 AA development studios, which collectively employ over a thousand developers. The list of studios includes: