Nacon sets out a €31 million capital increase and plans to discontinue studios in its reorganisation

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, a games publisher listed in Paris, said on Sep 22 that the contemplated financial restructuring includes a €31m capital increase, backstopped up to €23.5m by initial underwriters. The company has been in judicial reorganisation proceedings, a French court procedure under which it is preparing a reorganisation plan, since a Lille court judgment of Mar 2, 2026. The release was filed with the AMF as inside information, the label for what a listed company must publish at once because it may move its price.1^,2^,3^,4^,5^,6^,7

The company says the underwriters' backstop includes €16m from Bigben Interactive and €7.5m from other historical investors. Bigben Interactive, Nacon's majority shareholder, held 56.72% of the share capital and 68.74% of the voting rights as of Aug 31, 2026 and is itself in accelerated safeguard proceedings opened on Aug 17, 2026. Those proceedings follow an agreement in principle that Bigben disclosed on Aug 4, 2026 with its principal creditors and a significant portion of Nacon's financial creditors; the company says the restructuring depends on its reorganisation plan being adopted. Under the terms described, €19.5m of intercompany receivables held by Bigben and its subsidiaries would be converted into Nacon shares, and €20.1m held by Nacon's subsidiaries would be written off. Bank and unsecured claims of €101m would be settled under a short option, paying 30% in full and final settlement, or a long option, a 50% write-off with the other 50% spread over 8 years, open only to unsecured claims.4^,8^,9^,10^,11^,12^,13^,14

Nacon says the transactions, if included in its reorganisation plan, would result in substantial dilution for existing shareholders. It adds that, after all the capital transactions it describes, Bigben would hold 60.40% of the share capital if other existing shareholders take part in the first capital increase, and 69.40% if they do not.15^,16

It says it gave its financial creditors and stakeholders elements of its business plan under confidentiality agreements, and sets out the key elements in an appendix. The company says the plan is based on a refocused studio perimeter after a reorganisation of its portfolio that encompasses the discontinuation of the Spiders, Midgar and Nacon Tech studios during 2026, and restructuring plans with headcount reductions at Kylotonn and Cyanide. The release gives IFRS revenue of €160.8m for 2025/2026, marked in its plan table as subject to ongoing audit, and says the accounts for the year ended Mar 31, 2026 are not yet approved by the board. Its plan has adjusted EBITDA less capex, the company's own measure, turning positive from March 2027 at €1.6m and standing at €9.7m for March 2032.17^,18^,19^,20^,21^,22^,23

Creditors and shareholders would vote on the plan in classes before the court rules on its adoption in the fourth quarter of 2026, the company says, and the capital transactions would follow, with a view to completion by the end of the first quarter of 2027.24^,25

We hold the text of this one release, 8 pages in English, without its pictures or layout and without any document it refers to.26^,27^,28