Nacon, then 56.72% held by Bigben, warned of heavy dilution if Bigben's debt deal entered its plan

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Nacon, the Paris-listed publisher, said on Aug 4, 2026 that the transactions planned in the debt restructuring described by its majority shareholder Bigben Interactive would heavily dilute Nacon's existing shareholders if they were included in Nacon's own reorganization plan. Bigben held 56.72% of Nacon's share capital and 69.54% of its voting rights, Nacon said in the statement, which was filed in French.1^,2^,3^,4^,5^,6

Nacon said Bigben had announced an agreement in principle with its main financial creditors to restructure its financial debt, reached under the aegis of conciliators appointed by the Lille Métropole commercial court, and that a significant portion of Nacon's own financial creditors also supported it. To carry out the restructuring, Nacon said, Bigben had also filed a petition asking the court to open accelerated safeguard proceedings. Part of the new money that some of Bigben's creditors would put in would be reinvested by Bigben in Nacon's share capital, on the condition that the court adopted a reorganization plan for Nacon that restructured its debt within certain parameters, according to Nacon's account of Bigben's release. Nacon acknowledged that the restructuring Bigben envisaged was therefore linked to the adoption of Nacon's plan, which was still being drawn up.7^,8^,9^,10

Nacon added that, if those transactions were included in its plan, the capital increases would be carried out at issue prices significantly lower than the price at which Nacon shares then traded on Euronext Paris, based on the financial parameters and equity valuation the stakeholders used for the transactions.11^,2

Nacon was already in judicial reorganization proceedings, known in France as redressement judiciaire, which the court had opened in March by a judgment dated 2 mars 2026. Talks were continuing with all stakeholders, under administrators the court had appointed, to finalize a plan, and Nacon said a significant portion of its financial creditors had already expressed its intention to support a plan that complied with the parameters in Bigben's release. Nacon described the procedure as one that freezes the liabilities existing on the day it opens for an observation period of up to 18 months, and that lets the debtor put forward a plan to continue its business by rescheduling its debt.12^,13^,14^,15

Nacon described itself as a group that brought together 16 development studios, AA game publishing and the design and distribution of premium gaming peripherals. It gave its IFRS revenue for 2025/2026 as €161.9 million and its headcount as more than 1,000 employees.16^,17^,18

The AMF filed this record as inside information, the label for statements a listed company has to publish promptly. Our records hold the release's text as filed, in French, and not Bigben Interactive's own press release or the annex that sets out the principal terms of the restructuring, so the amounts of new money, the issue prices and the number of new shares are not given here.19^,20^,21