Nacon Seeks Judicial Reorganisation After Bigben Bond Repayment Failure

Nacon has filed for judicial reorganisation after its majority shareholder, Bigben Interactive, failed to make a partial repayment connected to a €43 million facility, the company said in a press release dated 25 February 2026. Nacon quoted the situation bluntly, saying “available assets do not allow it to meet its due liabilities,” and said it is requesting “the opening of judicial reorganisation proceedings” to protect operations and staff.

Bigben Interactive holds 56.72 percent of Nacon’s share capital and 65.79 percent of the voting rights, figures reported by IGN, and has said it was “unable to make a partial repayment of €43 million ‘due to the unexpected refusal of its banking pool to respond to the drawdown notice.’” Background reporting traces the €43 million back to a refinancing plan announced on 24 November 2025 in which Bigben secured a six-year refinancing for €43 million that left an estimated €16.1 million residual balance to be repaid at maturity.

The formal request for judicial reorganisation follows a sequence of market and internal actions: trading in Nacon shares was suspended on 20 February 2026, employee representative organisations were notified on 24 February 2026, and Nacon issued its press release on 25 February 2026. Nacon said the reorganisation process will allow it to explore solutions to ensure “the sustainability of the Company’s activity” and to protect jobs and employees “while renegotiating with its creditors in a calm and constructive framework.” IGN reported that if a French court approves the restructuring, existing liabilities could be frozen for a period that “could last up to 18 months” while a continuation plan is prepared.

The timing raises immediate practical questions for Nacon’s public slate. The publisher had announced a Nacon Connect showcase for 4 March 2026 on 23 February 2026, and outlets report uncertainty over whether that broadcast will proceed. Upcoming release plans include GreedFall 2: The Dying World, scheduled to reach full 1.0 on 12 March 2026, and publishers and media have flagged potential impacts to Nacon’s sim racing lines such as WRC and Test Drive Unlimited. Recent activity under Nacon’s umbrella includes the launch of Styx: Blades of Greed last week and a third major update for Dragonkin: The Banished, which remains in Early Access.

Nacon is the parent of 16 development studios that together employ more than a thousand developers, a scale that both multiplies risk and raises the stakes for any court outcome. A French court is expected to rule on Nacon’s request in early March 2026; if approved, the reorganisation window could freeze liabilities and give management time to renegotiate creditor terms while deciding whether scheduled events and releases can proceed.