Nacon files for insolvency

France-based publisher Nacon has filed for insolvency and has applied for the opening of judicial reorganization proceedings before the Lille Metropole Commercial Court, the company announced.

The company said it was unable to make the partial repayment of its bond loan to its shareholders following an “unexpected and late refusal” by its banking pool, and that its liquidity situation required “the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations.”

By opening judicial reorganization proceedings, Nacon hopes to assess all possible solutions to ensure its sustainability, as well as protect employees, preserve jobs, and renegotiate its debts.

Nacon recently announced plans to hold its annual Nacon Connect event on March 4.

Here is the full press release:

Nacon Announces That It Has Today Filed for Insolvency and is Requesting the Initiation of Judicial Reorganization 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 (“declaration de cessation des paiements”) with the Court and request the opening of judicial reorganization 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 reorganization 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 Reorganization Proceedings (“Redressement Judiciaire”)

Judicial reorganization 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