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| Nacon logo as the company enters judicial reorganization proceedings in France. |
By Jon Scarr
Nacon has confirmed that it has filed for insolvency in France and is asking the Commercial Court of Lille Métropole to open judicial reorganisation proceedings. Trading in its shares on Euronext Paris remains suspended while the court reviews the request.
The move comes after weeks of pressure around a stalled bond refinancing plan at majority shareholder Bigben Interactive. It also arrives less than two weeks after the NACON Connect 2026 showcase was announced for March 4. That show is set to give you new looks at upcoming games and accessories.
Earlier this month, a detailed look at Bigben’s bond refinancing setback and its impact on Nacon’s funding showed how the parent company’s problems could spill over to Nacon. That situation laid out the first half of the story. Today’s filing is the point where Nacon itself asks the court to step in and help reshape its debts.
Debt Pressure Catches Up With Nacon
The story started with Bigben’s bond. Back in February 2021, Bigben Interactive issued a bond loan worth €87.3 million. Those bonds are senior, carry a guarantee, and can be exchanged into existing Nacon ordinary shares. They were due to be repaid on February 19, 2026, with €59.1 million still outstanding as that date approached.
Bigben had lined up a refinancing plan built around a new credit facility from a banking pool. The idea was to cover €43 million of the outstanding bonds through that facility, with the remaining €16.1 million pushed to a new maturity date in 2032. Bondholders even approved changes to the bond terms earlier this month so the repayment cut and new schedule could go ahead.
Then the banks walked away. Late in the afternoon on February 13, Bigben says the banking pool refused to honour the drawdown request on the new credit facility. The banks argue that Bigben breached an information obligation under the agreement. Bigben strongly disputes that view. Either way, without the drawdown, Bigben could not make the planned partial repayment on February 19 and started looking at court-backed restructuring tools instead.
Nacon is tied directly into that structure. Bigben currently holds a controlling stake in Nacon’s share capital and voting rights, and the bond can be converted into Nacon shares. When the refinancing plan fell apart, Nacon responded with its own update on February 20, saying that its liquidity situation required rapid restructuring talks with creditors and that trading in its shares would be suspended.
Today’s press release pushes that one step further. Nacon now says its available assets are no longer enough to cover due liabilities. It is filing for insolvency with the court and is formally requesting the opening of judicial reorganisation proceedings so it can draw up a continuation plan under court oversight.
Nacon still points back to its most recent full-year figures, with IFRS revenue of €167.9 million and a positive operating result. The problem is near-term cash. The company needs the legal breathing room that judicial reorganisation provides to keep operating while it tries to fix the balance between incoming cash and upcoming payments.
Judicial Reorganisation and Day-to-Day Operations
Nacon is not announcing an immediate shutdown. Judicial reorganisation (“redressement judiciaire”) is a collective procedure in French law that freezes existing liabilities on the date the court opens the case. From there, the company enters an observation period that can last up to 18 months.
During that period, Nacon keeps trading and the court appoints a representative to monitor the situation. The company works on a continuation plan that shows how it plans to pay creditors over time, restructure its debt, and keep activity going. Creditors negotiate inside that framework instead of chasing payment on their own.
In its announcement, Nacon says the goal is to preserve its activities under the best possible conditions, protect employees, and safeguard jobs while it renegotiates debts. Day-to-day work on games, accessories, and support can continue, but big financial moves will now sit inside this procedure.
For you as a player or accessory buyer, that usually means the short term looks familiar. Existing games stay on sale. Already announced projects keep moving unless Nacon later revises its plans as part of the continuation plan. The real questions are longer term. If the company cannot convince the court and creditors that it has a solid path forward, more drastic measures could come up later in the process.
The Commercial Court of Lille Métropole is expected to hold a hearing in early March to decide whether to open judicial reorganisation officially. Until that decision, the suspension of Nacon’s share price remains in place.
NACON Connect 2026 Becomes a Crucial Check-In
All of this now hangs over NACON Connect 2026. The digital showcase is scheduled for March 4, 2026, at 11:00 a.m. PST / 2:00 p.m. EST / 8:00 p.m. CET, with streams planned on NACON’s official YouTube and Twitch channels.
Earlier this week, Nacon announced NACON Connect 2026, a March 4 digital showcase focused on upcoming games and accessories. NACON confirmed that Cthulhu: The Cosmic Abyss, The Mound, Edge Of Memories, and Endurance Motorsport Series would all appear, with a promise of new trailers, gameplay segments, and a few unannounced projects. There was also a brief nod to what is next for its controller and accessory lineup.
After today’s insolvency filing, that same event takes on a sharper tone. It is still a place to see trailers and new footage, but it also becomes a public signal of how Nacon wants to present its slate while it works through restructuring with the court.
We will all be watching for hints. If the show runs as planned, with the same mix of titles already announced and no obvious gaps, it suggests that development and accessories work are still moving forward for now. If certain projects are missing, pushed to a smaller role, or quietly skipped over, those gaps will raise questions about how far the continuation plan might reach.
Either way, NACON Connect now works as both a marketing beat and a status update on how Nacon presents its catalogue while lawyers and creditors are involved behind the scenes.
Next Steps for Nacon and Bigben
For Nacon, the next formal milestone is the early March court hearing. That decision will determine whether judicial reorganisation opens, how long the observation period will run, and what shape the continuation plan needs to take.
On Bigben’s side, the group is still working through its own options after the refinancing plan fell apart. In its previous communication, Bigben said it was looking at asking bondholders to accept a deferral of the partial repayment date and examining French procedures that allow debt restructuring under court supervision. Those choices will matter for Nacon because of the tight link between Bigben’s bonds and Nacon’s shares.
In the background, this fits into a wider story around mid-size European 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, internal development, and hardware lines. When that mix breaks, it does not only affect investors. It can also shrink the room for new games, accessories, and studio support across the group.
For now, the key is to watch both the court calendar and the showcase calendar. The court will decide how Nacon’s debts are handled. NACON Connect 2026 will show how the company wants you to see its future catalogue. The earlier bond refinancing analysis and the NACON Connect announcement already set the stage. This latest development is the point where the financial pressure reaches Nacon itself.
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