AA publisher and developer Nacon has filed for insolvency, raising questions over the future of games such as GreedFall 2, Hell is Us, RoboCop, and Test Drive Unlimited.
Nacon, which is home to 16 development studios as well as a publishing arm, said it was forced into the decision after its majority shareholder, Bigben Interactive, failed to make a loan repayment. It has now asked a French court for permission to restructure its debt.
“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, while renegotiating with its creditors in a calm and constructive framework,” Nacon said. This procedure will enable the Company to continue its business, renegotiate its debts, and develop a credible and effective continuation plan.” The Court is expected to make its decision at a hearing in early March.
Nacon has a number of AA games under its belt, including GreedFall 2: The Dying World, which will release in its full 1.0 version on March 12. Nacon this week alerted press to its annual showcase event, dubbed Nacon Connect, which was set for March 4. It is expected to show off the likes of Cthulhu: The Cosmic Abyss, The Mound, Edge of Memories, and Endurance Motorsport Series. And just this morning Nacon launched the third major update for Dragonkin: The Banished, which is still in Early Access.
The publisher just released Styx: Blades of Greed last week. RoboCop: Rogue City – Unfinished Business came out last year, as did Rogue Factor’s Hell is Us. IGN has asked Nacon for comment on its ability to continue to release its games and maintain and support those it has out already.
BBI, which currently holds 56.72% of the share capital and 65.79%% of the voting rights of Nacon, announced last week that it was unable to make a partial repayment of €43 million “due to the unexpected refusal of its banking pool to respond to the drawdown notice.” At the time, Nacon issued a warning to the financial markets, and suspended trading in the company’s shares.
Nacon’s hope now is that it gets approval from the court to restructure its debt. If it is successful, its existing liabilities will be frozen for a period that could last up to 18 months. During this time, the debtor will present a continuation plan for its activities by restructuring its debt, hopefully ensuring its recovery.
Wesley is Director, News at IGN. Find him on Twitter at @wyp100. You can reach Wesley at [email protected] or confidentially at [email protected].
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