NACON Files for Insolvency Days Before NACON Connect & GreedFall Launch

If there is one thing that remains consistent within the video game industry, it’s the constant struggles faced by developers and publishers alike.

Today, news broke that NACON, the French publisher, has filed for insolvency following major issues with its shareholder, Bigben Interactive. Bigben announced back in November 2025 that it had secured a refinancing agreement with French banks for €43 million, repayable over the course of six years.

Unfortunately, plans changed just a couple of weeks ago when the French banking pool informed Bigben that it would be refusing the funding and would not assist with the refinancing. This led the banks to claim that they would invoke a breach by Bigben for failing to meet an obligation to provide information as stated in the credit contract. Bigben disputed this legal analysis and reserved all rights. With such short notice, this left both Bigben and NACON with no time to find alternative sources of funding.

As a result, Bigben is now unable to handle the partial repayment of the €43 million and has suspended all trading of its shares on Euronext Paris, as well as its bonds on Euronext Access Paris. NACON has followed suit and has also suspended trading of its shares.

This situation has forced NACON to file for full judicial reorganization proceedings, which will freeze any existing liabilities for up to 18 months while an attempt is made to develop a continuation plan. This procedure provides court protection for NACON while it works on an emergency restructuring plan to resolve the situation it has been forced into.

NACON had recently announced its NACON Connect Showcase, which was set to go live on March 4, 2026. Whether this event will still take place remains to be seen. NACON, which owns several studios, is now facing an unexpected challenge, with the livelihoods of those studios hanging in the balance. Cyanide Studio recently released Styx: Blades of Greed, which we reviewed and scored a 7.5, while Spiders is ramping up for the release of GreedFall: The Dying World on March 10 for PC and March 12 for consoles.

What the future holds for these studios and beyond remains uncertain. We hope NACON can come up with a solution in a timely manner and keep the lights on for everyone involved.

One thing is certain: this is not the end, and we’ll have more to cover on NACON and other teams in the future. Let us know what you think of this situation with NACON in the comments below.