Nacon Subsidiaries Enter Insolvency Proceedings; Publisher Considers Divesting Spiders and Nacon Tech Studios

Nacon and its Studios Initiate Reorganisation Proceedings Amid Financial Challenges

Nacon, a French video game publisher, and several of its development studios have commenced reorganisation proceedings in the Lille Métropole Commercial Court in France. This legal action is equivalent to filing for insolvency. These proceedings follow Nacon's own insolvency filing in late February, stemming from financial challenges related to its majority shareholder, Bigben Interactive.

Amid these developments, Nacon has reportedly expressed an intent to sell two of its subsidiary studios, Spiders and Nacon Tech.

Insolvency Proceedings and Financial Context

Nacon initiated court-supervised reorganisation proceedings at the end of February 2025 to address its debt and restructure the company. This action occurred after its majority shareholder, Bigben Interactive, was unable to repay a €43 million loan and experienced the failure of a refinancing agreement that had been reached in November, days before its maturity date.

Subsequently, Nacon's subsidiaries — Spiders, Kylotonn, Cyanide, and Nacon Tech — also commenced reorganisation proceedings. These studios are all located in Paris.

Under French law, judicial reorganisation proceedings involve a freeze on liabilities incurred before the opening judgment. This freeze can extend for an observation period of up to 18 months, during which the debtor may propose a continuation plan focused on debt restructuring and business recovery.

The impacted studios include:

• Spiders: Known for the Greedfall and Steelrising franchises.
• Kylotonn: Responsible for the World Rally Championship series.
• Cyanide: Developed games in the Styx and Blood Bowl franchises.
• Nacon Tech: A motion capture studio.

Nacon currently oversees 25 subsidiaries, with 16 dedicated to game development.

Planned Divestment of Studios

According to a report by Origami, Nacon intends to sell two of its subsidiary studios: Spiders and Nacon Tech.

Potential factors contributing to the decision regarding Spiders include:

• The early access launch of Greedfall 2.
• Reports of internal challenges at the studio, which led to developer strikes.
• Layoffs implemented at the studio in 2024.
• An unannounced project codenamed 'Dark' was reportedly canceled by Nacon last year.

While the studio initiated another pre-production project, the Origami report indicated that internal perception at Nacon was that this allowed developers not working on Greedfall 2 to remain occupied.

The specific reasons for the sale of Nacon Tech are less clear, but the action aligns with Nacon's stated strategy to explore all available options to address its financial situation.

Nacon's Broader Actions

Following its insolvency filing, Nacon postponed its Nacon Connect showcase. The publisher also issued statements aimed at reassuring players about its future operations. Meanwhile, marketing schedules for upcoming games, such as Cthulhu: The Cosmic Abyss, have continued. Nacon additionally announced its plan to publish Hunter: The Reckoning - Deathwish from developer Teyon.