Nacon's available assets do not allow it to fulfill its payment obligations.
Nacon has announced its intention to file for insolvency and request the commencement of judicial reorganization proceedings ("redressement judiciaire"). The decision was made against the backdrop of a deteriorating financial situation related to the problems of its majority shareholder, Bigben Interactive.
On February 20, Nacon reported that the position of Bigben Interactive significantly affects its own activities. Previously, the main shareholder faced an unexpected and late refusal from the banking pool, due to which it could not make a partial repayment of the bond loan to bondholders.
The company emphasized that the current liquidity situation requires urgent financial restructuring with the participation of creditors to ensure the continuity of operations. In this regard, Nacon is considering mechanisms to restructure debt under court supervision.
As of now, the company's available assets do not allow it to fulfill its payment obligations. In these circumstances, Nacon intends to officially file a declaration of cessation of payments ("déclaration de cessation des paiements") and apply for the opening of judicial reorganization proceedings.
The company hopes that this procedure will allow it to continue operating activities, negotiate with creditors in a constructive format, and develop a realistic financial recovery plan. Key tasks include ensuring business sustainability, protecting employees, and preserving jobs.
Nacon's recent releases include RoboCop: Rogue City, Test Drive Unlimited Solar Crown, Styx: Blades of Greed, and Gear Club Unlimited 3.
Earlier this week, Nacon announced that it will hold a new Nacon Connect presentation on March 4, which will include announcements of new games and updates on previously presented projects, including Cthulhu: The Cosmic Abyss, The Mound, Edge of Memories, and Endurance Motorsport Series.
