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| Nacon’s parent company Bigben Interactive faces a bond refinancing setback just days before the launch of Styx: Blades of Greed. |
By Jon Scarr
Bigben Interactive, the majority shareholder of Nacon, has hit a serious snag in its plan to refinance bond debt tied to Nacon shares. Nacon has acknowledged the situation and says it is reviewing what this could mean for its activities and funding.
This is not an immediate shutdown announcement. It is, however, a sign that Bigben’s side of the group is under pressure and may need to reshape how its debt is handled.
Bigben’s Bond Deal Stalls Days Before Repayment
Back in February 2021, Bigben issued a bond loan worth €87.3 million. These bonds are senior, carry a guarantee, and can be exchanged into existing Nacon ordinary shares. The bonds were set to be repaid on 19 February 2026, and €59.1 million of that amount is still outstanding.
In November 2025, Bigben announced a refinancing agreement with a banking pool made up of major French banks. That deal covered €43 million of the outstanding bonds through a new credit facility to be repaid over six years. The remaining €16.1 million would stay in place as a smaller balance.
On February 2, a general meeting of bondholders approved changes to the bond terms. The plan was to repay €75,000 per bond, cutting the nominal value of each bond from €100,000 to €28,000. The new maturity date for the remaining €16.1 million was moved to August 19, 2032.
The problem hit on February 13. Late that afternoon, the banking pool told Bigben it would not honour the drawdown request on the new credit facility. The banks argue that Bigben breached an information obligation under the credit agreement. Bigben strongly disputes that view and says it reserves all its rights under the contract.
Because the credit line did not come through, Bigben is currently unable to carry out the planned partial repayment to bondholders on the February 19 maturity date.
Bigben’s Options After the Refinancing Setback
Faced with this setback, Bigben says it is looking at two main options.
First, it is considering asking bondholders to accept a deferral of the partial repayment date. That move would ask investors to wait longer for the €43 million that was due now.
Second, the company is examining French procedures that allow for debt restructuring under the supervision of the commercial court. These tools exist to help companies and creditors agree on new terms while operations continue.
In its statement, Bigben says that its Board of Directors and executive team are working on a solution that respects the interests of the company, its staff, partners, and investors. It also promises to update the market as soon as there are meaningful changes.
Nacon’s Position After Bigben’s Announcement
Nacon is not a bystander in this story. Bigben currently holds about 56.7% of Nacon’s share capital and roughly 65.8% of its voting rights. The bonds at the centre of this issue are also exchangeable into Nacon shares, which links Bigben’s debt structure directly to Nacon’s equity.
Nacon’s own press release is brief but important. The company says it has taken note of Bigben’s announcement and is studying the consequences for its activities and related financing. It also commits to informing the market of any major developments.
The timing is awkward. This update arrives just days before Nacon is set to launch Styx: Blades of Greed on February 19, adding some background uncertainty on the business side as it prepares for that new release.
In practical terms, Nacon has not announced any immediate change to its release plans, studios, or accessories business. It still points to its most recent full-year figures, with IFRS revenue of €167.9 million and a positive operating result, and continues to present itself as a going concern. The open question is how Bigben’s debt negotiations might influence Nacon’s future decisions if the situation drags on.
Debt Pressure on Mid-Size European Publishers
This episode fits into a wider story you have been seeing across mid-size publishers and accessory makers. Groups that sit between the largest global publishers and small indie outfits often rely on a mix of bonds, bank credit, and listed shares to support acquisitions, in-house projects, and hardware lines.
When a refinancing plan falls apart at the last moment, it does not only affect bondholders and banks. It can also shape how much room there is for future investments in new games, accessories, and studio support across the group.
For now, the takeaway is simple. Bigben’s refinancing plan has stalled, and the company is looking at court-backed tools to reshape its debt. Nacon is watching events closely and has not announced any operational changes yet. If you follow Nacon’s catalogue or own shares in either company, this is a story worth tracking as the next steps become clear.
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