While Nacon just announced a new broadcast for next month to showcase their upcoming games, the publisher has filed for insolvency.

The French publisher said they were unable to make a partial repayment to a bond loan to its shareholders after an “unexpected and late refusal by its banking pool.”

Furthermore, the publisher’s liquidity situation “required the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations.”

By filing for insolvency, Nacon hopes to “assess all possible solutions” to ensure the sustainability of the company, as well as protect employees and preserve jobs while renegotiating with its creditors.

Here’s the full message from Nacon:

Nacon Announces That It Has Today Filed For Insolvency And Is Requesting The Initiation Of Judicial Reorganisation Proceedings

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.

About judicial reorganisation proceedings (“redressement judiciaire”)

Judicial reorganisation proceedings (“redressement judiciaire”) are collective procedures that freeze existing liabilities at the opening of the procedure for the duration of the observation period, which can last up to 18 months. This procedure enables the debtor to present a continuation plan for its activities by restructuring its debt and ensures its recovery.