Nacon's subsidiary studios collapse as insolvency filings spread across group
Summary
Three Nacon-owned French studios filed for insolvency at the Lille Métropole Commercial Court
Spiders, Kylotonn, Cyanide, and Nacon Tech all commenced judicial reorganization proceedings
Crisis follows Nacon's own insolvency filing in February after failing to repay a bond loan
Bigben Interactive, Nacon's majority shareholder, was unable to repay a €43M loan
"The aim of this procedure is to assess all possible solutions to ensure the sustainability of the Company's activity under the best possible conditions, protect employees, and preserve jobs"
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Studios affected and their key franchises
Spiders (Paris) — known for the Greedfall franchise
Kylotonn (Paris) — oversees the World Rally Championship series
Cyanide (Paris) — known for Styx and Blood Bowl franchises
Nacon Tech — motion capture company owned by Nacon
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Root cause: debt crisis at parent level
Nacon filed for insolvency in February 2026
Trigger: failure to partially repay a bond loan
Majority shareholder Bigben Interactive unable to repay a €43M loan
Crisis has now cascaded down to at least 4 subsidiaries
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What judicial reorganization means
Liabilities are frozen for an observation period
Observation window can last up to 18 months
During this period, debtor proposes a continuation plan
Plan aims to restructure debt and ensure business recovery
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Nacon group scale at risk
Nacon employs over 1,000 workers
Operates across 25 subsidiaries
Includes 16 development studios
Scope of proceedings across the group remains under review
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What comes next
Studios will enter observation periods while restructuring plans are drafted
Nacon aims to present a "credible and effective" continuation plan
Outcome will determine which studios survive, restructure, or close
Employees and creditors face up to 18 months of uncertainty during proceedings
Explore more: competitive market map
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