Nacon insolvency pulls Spiders into liquidation as AA studio finds no rescue buyer
Summary
Spiders, the 18-year-old French RPG studio behind GreedFall, is being liquidated after parent Nacon's insolvency filing
No buyer emerged despite recognized IP and an active release, exposing AA rescue-M&A failure
"Spiders Games is closing its doors... Thousands of animations, countless iterations, and a lot of passion poured into every frame."
01
Court-appointed administrator treats liquidation as foregone conclusion
Nacon filed for insolvency earlier in 2026, placing Spiders under court administration
The administrator is requesting liquidation, described by Origami as "a mere formality at this stage"
No acquirer stepped forward during the search window
French law requires the liquidator to execute layoffs within 15 days of the ruling
02
AA studios with live IPs no longer attract distressed buyers
Spiders carried an 18-year track record, two known IPs, and a game launched weeks prior
Those assets historically would draw acquisition interest; none materialized
Subsidiary studios carry structural contagion risk from parent balance sheet failures
Studio-level performance became irrelevant once Nacon's insolvency framed the deal
03
GreedFall: The Dying World launched just over a month before liquidation request
Spiders is a rare case of a studio shutting down with a title actively in market
Staff turned the final weekly gathering into a formal tribute to 18 years of operation
Employees are coordinating equipment buybacks through the works council (CSE)
Fate of GreedFall and Steelrising IPs remains unresolved under liquidation proceedings
Events
Companies
Games
Locations
Europe
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