After revealing that the writing is on the wall, the known AA publisher and accessory maker Nacon has filed for insolvency, putting the company in jeopardy.
Last week, it was reported that Bigben Interactive (Nacon’s parent company) was facing serious financial issues that were affecting its subsidiaries’ businesses. According to a Traxion report, Nacon temporarily suspended trading in its shares last week, as its dire financial straits forced it to restructure to continue operations. Bigben Interactive reportedly struggled to pay a 43 million euro debt to bondholders, and these financial issues have hit a boiling point.
This boiling point has forced Nacon to announce that the company has filed for insolvency. The company holds 16 development studios and a publishing arm under its banner, and the filing puts the entire company (including those studios) in jeopardy. The announcement reads, “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,” and the filing will help achieve this.
With the filing, the company would be able to continue operating its business and develop a payment plan to effectively pull it out of debt. If not, insolvency can lead to bankruptcy; the more severe possibility is business liquidation. The developer and peripheral maker has notably announced that it will air its next Nacon Connect presentation on March 4 this month, which will include new game announcements and presentations for previously announced games such as Cthulhu: The Cosmic Abyss, The Mound: Omen of Cthulu, and Edge of Memories.
As of this posting, Nacon has not determined whether the showcase is also in jeopardy, or whether these filings will stall the 1.0 release of Greedfall 2: The Dying World (which was scheduled to launch March 12). But as it stands, things aren’t looking good for the company.
