NACON Files for Insolvency Just Days Before Its NACON Connect Showcase
French publisher NACON has filed for insolvency and is requesting the initiation of judicial reorganisation proceedings, a sharp escalation that lands just days ahead of its scheduled NACON Connect showcase on March 4, 2026. The filing was disclosed in a company press release dated February 25, 2026, which states that NACON’s available assets no longer allow it to meet its due liabilities, prompting the formal insolvency declaration and the request for court supervised reorganisation.
The trigger, based on the same disclosure and the timeline shared, stems from a fast moving crisis at its majority shareholder, Bigben Interactive. Bigben had previously announced a refinancing agreement for €43 million, repayable over 6 years, intended to partially refinance outstanding bonds while leaving an estimated residual balance of roughly €16.1 million to be addressed at maturity. However, on February 13, 2026, Bigben was informed by its banking pool that the drawdown notice would not be honored, with the banks claiming they could invoke a breach tied to an information obligation in the credit contract, a position Bigben disputed.
With the refinancing blocked at the last minute, Bigben was unable to proceed with the partial repayment, and trading in Bigben and NACON securities was temporarily suspended. NACON’s own press release confirms that the suspension of trading in NACON shares on Euronext Paris remains in effect pending the court’s decision, underscoring how quickly this situation moved from financing stress to public market impact.
Where Bigben appears to be pursuing a pathway aimed at stabilisation, NACON’s position is more acute. Judicial reorganisation proceedings are structured to freeze existing liabilities at the opening of the procedure during an observation period that can last up to 18 months, giving the company breathing room to renegotiate debt and present a continuation plan. The release also notes the Commercial Court of Lille Métropole is expected to rule on the request in early March, placing the next formal milestone on the calendar just as NACON prepares to talk about its game pipeline publicly.
From a gamer and industry lens, the surreal part is the contrast between corporate triage and community hype cadence. NACON Connect is positioned to deliver updates and footage for titles including Edge of Memories, The Mound Omen of Cthulhu, and Cthulhu The Cosmic Abyss. If the showcase proceeds as planned, it will likely be watched through a very different lens now, as players and partners will be looking for signals of production continuity, release confidence, and whether the company can keep its AA pipeline executing during reorganisation.
NACON’s scale also makes this more than a niche publisher story. The company describes itself as bringing together 16 development studios and employing more than 1,000 people, with IFRS revenue of €167.9 million and operating profit of €1.1 million for 2024 and 2025. The press release positions reorganisation as a framework designed to protect employees and preserve jobs while the company works with creditors on a continuation plan, but the outcome remains uncertain until the court process advances and a viable plan is defined.
As a reminder, NACON’s studio portfolio includes the following names mentioned in your list, with additional studios not listed here still part of the claimed total of 16:
Nacon Studio Milan
Big Ant Studios
Daedalic Entertainment
Cyanide
Midgar Studio
RaceWard Studio
Neopica
Ishtar Games
Crea ture Studios
Eko Software
Kylotonn
Spiders
Do you still plan to tune into NACON Connect on March 4, 2026, and which upcoming NACON title would you most want a clear reassurance update on regarding development continuity?
