Nacon's majority shareholder, Bigben Interactive (BBI), was unable to proceed with the partial repayment of €43 million to its bondholders. This has also caused financial difficulties for Nacon. Trading of both companies' shares on the Euronext Paris stock exchange has been suspended as a result.
On 17 February 2026, Bigben Interactive (BBI) announced that, due to the "unexpected and late refusal of its banking pool to respond to the drawdown notice sent to it in connection with the partial refinancing of its existing exchangeable bonds for ordinary shares of Nacon (the 'Bonds'), the Company was unable to proceed with the partial repayment of the outstanding Bonds in the amount of €43 million originally scheduled for 19 February 2026." This situation has caused the company to face financial difficulties, particularly with regard to its cash position. BBI has initiated discussions with its main creditors and financial partners to restructure its debt, including its bond debt, in order to ensure business continuity. The company is also considering debt restructuring procedures under the supervision of the Commercial Court.
Bigben Interactive currently holds a majority stake in Nacon, owning 56.72% of its share capital and 65.79% of its voting rights. "The Company announces today that this situation is having a significant impact on its own activities," according to a press release from Nacon. "The Company's liquidity position requires the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations." Nacon has also announced that it is considering procedures to restructure its debt under the supervision of the Commercial Court. For this reason, both Bigben and Nacon have requested that Euronext Paris temporarily suspend trading of their shares and bonds.
Due to the announcements, Nacon's shares have fallen by almost 30 percent and BBI's by 42 percent in recent days.
Nacon is a company within the Bigben Group, established in 2019. Based in Lesquin, France, the company has subsidiaries in several countries, including France, Germany, the Benelux countries, Italy, Spain, Canada and Hong Kong, as well as 16 development studios. The company sees itself as a publisher of AA-grade video games and producer of video game accessories. Nacon employs more than 1,000 people. Its studios include Cyanide, Daedalic Entertainment, Kylotonn and Spiders. Founded in 1981, the Bigben Interactive group of companies (Bigben Interactive S.A., headquartered in Lesquin) has additional subsidiaries in France alongside Nacon. Bigben's most important product categories include audio products and smartphone accessories.
