French publisher Nacon has filed for insolvency and suspended trading of the company’s shares, as its majority stakeholder and parent company, Bigben Interactive, is currently going through serious financial difficulties. This could make the Nacon Connect stream on 4th March quite awkward…
Bigben Interactive defaulting on a €43 million bond repayment has sent shockwaves through its subsidiary. Nacon is now looking for a way to regain its own financial liquidity, filing for insolvency with the courts and looking for a reorganisation to continue operating.
Separtely, Bigben is also filing to the courts for an “amicable conciliation procedure” to enter into discussions with its creditors and restructure its debts.
This feels like a strange situation where Bigben is passing its troubles on through a bit of a shell game, though Bigben’s own stocks have taken a major tumble. We will just have to cross our fingers that things are able to be worked out, as unlikely as that feels, or Nacon’s studios and IP could end up being shut down or sold off.
The courts decisions are expected in the coming days of late February and early March.
Nacon is a merger of two Bigben brands, having previously published games under Bigben Interactive and sold gaming accessories as Nacon. It’s grown over the last decade to own around a dozen studios, from racing game specialists Kylotonn (who recently regained the WRC license) to RPG studio Spiders who have a new GreedFall on the way in March, and Styx developer Cyanide. The Nacon Connect stream taking place next week is expected to feature new game announcements and trailers for Cthulhu: The Cosmic Abyss, The Mound, Edge of Memories, and Endurance Motorsport Series.
The full statement reads:
In a video game sector marked by long investment cycles and significant transformations, on 20 February 2026, Nacon announced that the situation of its majority shareholder, Bigben Interactive, which, following an unexpected and late refusal by its banking pool, was unable to make the partial repayment of its bond loan to its bondholders, was significantly affecting its own operations.
The Company indicated on this occasion that its liquidity situation required the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations, and that it was considering procedures intended to facilitate the restructuring of its debt under the supervision of the Court.
To date, the Company reports that its available assets do not allow it to meet its due liabilities. In this context, the Company will, as of today, file for insolvency (“déclaration de cessation des paiements”) with the Court and request the opening of judicial reorganisation proceedings (“redressement judiciaire”). The aim of this procedure is to 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.
This procedure will enable the Company to continue its business, renegotiate its debts, and develop a credible and effective continuation plan.
The employee representative organisations were informed of this decision on 24 February 2026.
The Court, at a hearing expected in early March, will rule on this request to open judicial reorganisation proceedings (“redressement judiciaire”).
Pending this decision and given the uncertainties regarding the outcome of the proceedings, the suspension of the Company’s share price, announced on 20 February 2026, remains in effect.
The Company will keep the market informed as the situation and the proceedings develop.
