Nacon’s Financial Crisis Deepens as Cyanide, Spiders, Kylotonn, and Nacon Tech File for Insolvency, With Big Bad Wolf Also Caught in the Fallout
Nacon’s situation has deteriorated further, and this time the damage is no longer limited to the publisher level. After the company itself filed for insolvency in late February and entered judicial reorganisation proceedings in early March, Nacon confirmed on March 23 that 4 of its subsidiaries had also filed for insolvency and requested judicial reorganisation: Cyanide Studio, Spiders, Kylotonn, and Nacon Tech. The company said these filings were made because the cash crisis at parent company Bigben Interactive has continued to disrupt the group’s financial position.
That means the latest reporting around Cyanide, Spiders, and Kylotonn being placed under receivership is not just rumor driven industry chatter anymore. It aligns with Nacon’s own investor update, which confirms the formal insolvency declarations and court driven restructuring process for those subsidiaries. French industry reporting highlighted by Origami has also pointed to the practical consequences on the ground, including halted payments and a much darker outlook for affected teams. The important distinction is that the broad financial collapse is confirmed by Nacon itself, while some of the more detailed operational fallout is still being pieced together through local reporting.
INFO Origami - La série noire continue chez Nacon, dont les trois plus gros studios de développement en France - Cyanide, Spiders et Kylotonn - sont en cessation de paiement et ont été placés en redressement judiciaire.
— Gauthier 'Gautoz' Andres (@gautoz.cool) March 24, 2026 at 12:47 AM
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The studios affected are not minor internal teams either. Cyanide is one of Nacon’s best known development arms, Spiders is the studio behind GreedFall, and Kylotonn has long been associated with racing projects including Test Drive Unlimited Solar Crown. Nacon’s filing also has knock on consequences for Big Bad Wolf, since that studio is a subsidiary of Cyanide and is therefore exposed through the same chain of financial distress. Multiple reports say the total number of affected employees across these teams is around 320, which underlines how serious this has become for the French development scene.
This creates immediate uncertainty for several current projects. GreedFall: The Dying World only recently reached version 1.0, Kylotonn has still been working on fixes and support for Test Drive Unlimited Solar Crown, and Big Bad Wolf’s Cthulhu: The Cosmic Abyss had been scheduled for release on April 16, 2026. None of these games have been formally canceled, but the insolvency proceedings mean their schedules, support plans, and long term futures are now much harder to take for granted. That is especially true for projects that still require polish, certification, marketing, or sustained post launch support.
Nacon has tried to reassure players and investors that it still intends to bring its core 2026 lineup to market and eventually hold its delayed Nacon Connect showcase in May. But the fact that 4 subsidiaries have now followed the parent into insolvency proceedings makes the recovery path much more difficult. Judicial reorganisation can buy time and protect operations while a restructuring plan is developed, but it does not guarantee that every studio, every project, or every job will survive the process intact.
The broader takeaway is that this is no longer a story about temporary publisher turbulence. It is now a full scale group level crisis affecting multiple development houses at once. Nacon still has a chance to stabilize through restructuring rather than liquidation, but the scope of the fallout makes it clear that the company’s 2026 roadmap is now under far heavier pressure than it appeared just a few weeks ago.
Do you think Nacon can still restructure and protect its biggest studios, or does this now look like the kind of crisis that could permanently reshape one of France’s largest game publishing groups?
