Nacon files for insolvency, says it’s ‘assessing all possible solutions’ to continue running
The company’s majority shareholder was unable to repay its bond loan
French publisher and accessories maker Nacon has announced that it has filed for insolvency.
Last week the company announced that its majority shareholder Bigben Interactive had failed to make the partial repayment of its bond loan to its bondholders, due to “an unexpected and late refusal by its banking pool”.
Nacon stated last week that its situation “required the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations”.
Today it has announced that its available assets “do not allow it to meet its due liabilities”, and that as a result “the company will, as of today, file for insolvency with the court and request the opening of judicial reorganisation proceedings”.
These proceedings are designed to let Nacon assess all possible solutions to “ensure the sustainability of the company’s activity under the best possible conditions, protect employees, and preserve jobs, while renegotiating with its creditors in a calm and constructive framework”.
It adds: “This procedure will enable the company to continue its business, renegotiate its debts, and develop a credible and effective continuation plan.”
The company’s share price was suspended last week following the news that Bigben Interactive had failed to make a repayment on its bond loan, and Nacon says it will remain suspended as a result of today’s news.
Nacon was founded in 1981 and is now part of the Bigben Group, which owns 76.7% of the company.
The publisher’s recent games include RoboCop: Rogue City, Test Drive Unlimited Solar Crown, Styx: Blades of Greed and Gear Club Unlimited 3.
Earlier this week Nacon announced that it will be airing its next Nacon Connect presentation on March 4, which will include new game announcements and presentations for previously announced games such as Cthulhu: The Cosmic Abyss, The Mound, Edge of Memories, and Endurance Motorsport Series.
The publisher also planned to release Terminator: Survivors – an open-world Terminator game – in 2025, but confirmed late last year that it had been delayed, would no longer release as an Early Access title, and would no longer include co-operative multiplayer as planned.
