French video game publisher Nacon, the company behind titles like GreedFall 2, RoboCop: Rogue City, and the recently launched Styx: Blades of Greed, has filed for insolvency after a financial crisis triggered by its majority shareholder. The publisher, which oversees 16 development studios, announced on February 25th that its available assets are no longer sufficient to cover its outstanding debts, forcing it to seek court intervention to reorganize its finances and keep the business alive.
The trouble traces back to Bigben Interactive, which holds nearly 57 percent of Nacon’s share capital. Bigben was unable to make a partial repayment of €43 million on its bond loan after what Nacon described as an unexpected last-minute refusal by its banking pool to honor a drawdown request. That failure sent shockwaves through Nacon’s operations, prompting the publisher to suspend trading of its shares on February 20th and begin preparing for insolvency proceedings.
Nacon has now formally asked a French court to open judicial reorganization proceedings, a process that could freeze its existing liabilities for up to 18 months while the company develops a plan to restructure its debt. In its statement, Nacon emphasized that its primary goals are to ensure operational continuity, protect its workforce, and preserve jobs across its studios. According to Rock Paper Shotgun, employee representatives and unions were informed of the situation on February 24th, one day before the public announcement. The court is expected to rule on the request at a hearing in early March.
The timing of the filing raises significant questions about Nacon’s near-term plans. GreedFall 2: The Dying World is scheduled to leave early access and launch its full 1.0 version on March 12th, while the publisher’s annual Nacon Connect showcase is set for March 4th. That event is still expected to go ahead, with planned reveals and updates for titles including Cthulhu: The Cosmic Abyss, The Mound, Edge of Memories, and Endurance Motorsport Series. Nacon also just released a major update for its early access title Dragonkin: The Banished.
The publisher has built a substantial catalog in recent years spanning multiple genres and platforms. Beyond GreedFall 2, its portfolio includes the well-received RoboCop: Rogue City and its Unfinished Business expansion, the action title Hell is Us, and the racing game Test Drive Unlimited Solar Crown. As Eurogamer noted, the company’s most recent release, Styx: Blades of Greed, earned positive reviews and was called “easily the best stealth game in years.” Whether Nacon can continue supporting these titles and delivering on its upcoming slate will depend heavily on the court’s decision and the outcome of creditor negotiations.
Nacon’s predicament is the latest example of financial instability rippling through the gaming industry, where even mid-sized publishers with active release schedules can find themselves at the mercy of corporate financial structures beyond their control. For now, all eyes are on the early March court hearing that will determine whether the company gets the breathing room it needs to chart a path forward — and whether hundreds of jobs across its 16 studios can be saved.