Nacon is filing for insolvency after a failed repayment by its majority shareholder. Despite that, another Nacon Connect showcase promoting its upcoming games is still slated for March.
This insolvency filing was made public on Wednesday morning, with a message to investors explaining that majority shareholder Bigben Interactive "was unable to make the partial repayment of its bond loan to its bondholders" because of "an unexpected and late refusal by its banking pool."
Essentially, Bigben Interactive does not have the funds it needs, so Nacon is filing for insolvency and assessing actions to "ensure the sustainability of the company's activity under the best possible conditions" for employees.
Although it's not a household name in North America, Nacon is one of the more prominent companies in the European game development scene. It owns studios like Cyanide, Spiders, Daedalic Entertainment, Eko Software, and Kylotonn and is the publisher behind games like RoboCop: Rogue City, Styx: Blades of Greed, Dragonkin: The Banished, Hell is Us, and Greedfall 2.
Nacon has a fairly healthy pipeline of upcoming games -- so much so that it recently announced a Nacon Connect showcase for March 4 that will feature Cthulhu: The Cosmic Abyss, The Mound: Omen of Cthulhu, Edge of Memories, and Endurance Motorsport Series. It even posted a trailer for Dragonkin: The Banished's multiplayer update today, so it looks like there isn't a complete halting of operations as Nacon files for insolvency.
A court hearing in early March "will rule on this request to open judicial reorganization proceedings," according to Nacon, and the company's share price remains suspended.
Source
This insolvency filing was made public on Wednesday morning, with a message to investors explaining that majority shareholder Bigben Interactive "was unable to make the partial repayment of its bond loan to its bondholders" because of "an unexpected and late refusal by its banking pool."
Essentially, Bigben Interactive does not have the funds it needs, so Nacon is filing for insolvency and assessing actions to "ensure the sustainability of the company's activity under the best possible conditions" for employees.
Although it's not a household name in North America, Nacon is one of the more prominent companies in the European game development scene. It owns studios like Cyanide, Spiders, Daedalic Entertainment, Eko Software, and Kylotonn and is the publisher behind games like RoboCop: Rogue City, Styx: Blades of Greed, Dragonkin: The Banished, Hell is Us, and Greedfall 2.
Nacon has a fairly healthy pipeline of upcoming games -- so much so that it recently announced a Nacon Connect showcase for March 4 that will feature Cthulhu: The Cosmic Abyss, The Mound: Omen of Cthulhu, Edge of Memories, and Endurance Motorsport Series. It even posted a trailer for Dragonkin: The Banished's multiplayer update today, so it looks like there isn't a complete halting of operations as Nacon files for insolvency.
A court hearing in early March "will rule on this request to open judicial reorganization proceedings," according to Nacon, and the company's share price remains suspended.
Source