Nacon, then 56.72% held by Bigben, warned of significant 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 filed with the AMF on Aug 5, 2026 an English translation of the statement it made on Aug 4 about the debt restructuring of its majority shareholder, Bigben Interactive. The publisher said that the transactions planned in that restructuring, if they were included in Nacon's reorganization plan, would result in significant dilution for its existing shareholders. Bigben held 56.72% of Nacon's share capital and 69.54% of its voting rights at the time, Nacon said.1^,2^,3^,4^,5^,6

According to Nacon's account of Bigben's press release, Bigben had obtained an agreement in principle from its main financial creditors to restructure its financial debt, under the aegis of conciliators appointed by the Lille Métropole Commercial Court, and a significant portion of Nacon's own financial creditors had also supported the agreement. In the same account, Bigben also announced that it had filed a petition asking the court to open accelerated safeguard proceedings. Bigben specified, in Nacon's account, that part of the new money that certain of its creditors would contribute 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 in accordance with certain parameters. Nacon acknowledged that the restructuring was therefore linked to the adoption of its reorganization plan, which remained under development, and to the plan's compliance with those parameters.7^,8^,9^,10

Nacon said that, if those transactions were included in the plan, the capital increases would be carried out at issue prices significantly lower than the market price of Nacon shares on Euronext Paris at the time, based on the financial parameters and equity valuation the stakeholders used for the transactions.11^,5

Judicial reorganization proceedings were opened for Nacon by a judgment of the court dated Mar 2, 2026. Discussions were ongoing with all stakeholders, under administrators the court had appointed, to finalize a reorganization plan, and Nacon said a significant portion of its financial creditors had already expressed its intention to support a plan that would comply with Bigben's parameters. Nacon described the proceedings as collective proceedings under French law in which liabilities that arose before the opening judgment are frozen for an observation period of up to 18 months, during which the debtor may propose a plan to continue the business and restructure its debt.12^,13^,14^,15^,16

Nacon described itself as bringing together 16 development studios, AA video game publishing, and the design and distribution of premium gaming peripherals, with 23 subsidiaries and a distribution network in 100 countries. Nacon gave its IFRS revenue for 2025/2026 as €161.9 million and its headcount as more than 1,000 employees.17^,18^,19^,20

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 English, and not Bigben Interactive's own press release or the appendix with 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.21^,22^,23