Nacon Has Officially Filed for Insolvency

On February 25, French video game publisher Nacon filed for insolvency after its majority shareholder, Bigben Interactive, was unable to make partial bond loan payments. Nacon stated that its insolvency filing was made before a commercial court and requested the court to initiate judicial reorganization proceedings as soon as possible.

Nacon was formed in February 1981 and started publishing video games in 2002. Nacon is also the parent company of several video game developers, including Styx series developer Cyanide and GreedFall developer Spiders. Some of the games in Nacon’s publishing repertoire include the 2025 adventure title Hell Is Us, and two games from the RoboCop franchise set after the events of the 1990 film RoboCop 2. Nacon and Polish developer Teyon worked together on the 2023 first-person shooter RoboCop: Rogue City, and its 2025 standalone expansion, RoboCop: Rogue City – Unfinished Business.

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Nacon Files for Insolvency Amid Creditor Woes

Nearly a year after releasing RoboCop: Rogue City – Unfinished Business, Nacon stated it is in dire financial straits. According to Nacon, the insolvency filing came just five days after Bigben Interactive stated that it could not make partial repayments of its bond loan “following an unexpected and late refusal by its banking pool.” Nacon stated that the situation with its majority shareholder required it to implement a financial restructuring plan with its creditors so that the company could continue operations in the meantime. However, Nacon stated in its announcement that its current available assets “do not allow it to meet its due liabilities.” Ergo, the insolvency filing was made as part of an effort to see if the court would allow judicial reorganization proceedings to take place. In the meantime, Nacon has since suspended trading shares on the Euronext Paris market, pending the court’s decision.

Should the court grant Nacon’s request for judicial reorganization proceedings, this would freeze any existing liabilities during a court-mandated observation period, which can last up to 18 months. This would then allow debtors to present a debt restructuring plan and ensure that an insolvent company recovers. Additionally, the procedure would allow Nacon to protect its employees and keep jobs during the renegotiation process with its creditors. All employee representative organizations were informed of Nacon’s insolvency plan on February 24, one day before its public announcement. The Court is expected to rule on Nacon’s request in early March, likely days before Nacon’s upcoming title GreedFall 2: The Dying World hits store shelves across the globe.

Nacon Marches on Despite Financial Troubles

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Nacon’s insolvency and pending reorganization filing came at a tumultuous time for the global video game industry. Following the COVID-19 pandemic, various game companies have conducted several rounds of layoffs, resulting in many game developers finding themselves out of work. In July 2025, Microsoft laid off over 9,000 former staff members across the board, with some subsidiaries of Xbox Game Studios bearing the brunt of the tech giant’s job cuts. Following a major leadership shakeup at Xbox, which saw Asha Sharma become the new CEO of Microsoft Gaming following Phil Spencer’s retirement, Microsoft Gaming CCO Matt Booty stated that there are no current layoff plans at Xbox despite the leadership change.

It is worth noting that insolvency and bankruptcy are not the same thing. However, if the court denies Nacon’s request, bankruptcy is a possible outcome that Nacon’s insolvency could face. Although some companies have been saved from bankruptcy due to timely partnerships, such as Sony saving AMD following the PS4’s success, Nacon still faces an uncertain future. As of this writing, Nacon is scheduled to host a Nacon Connect broadcast on Wednesday, March 4, at 2:00 PM Eastern. Given how many studios are currently owned by the French publisher, it remains to be seen how the insolvency proceedings will turn out, and if Nacon can turn things around.