Bigben Interactive initiates expedited procedure to restructure its debt
The Lesquin-based group has obtained the preliminary agreement of its main financial creditors to restructure its debt and filed an application for the opening of an expedited safeguard procedure before the Commercial Court of Lille Métropole.
The operation provides for capital increases carried out at issue prices significantly below the current stock market price.
Creditors' preliminary agreement and application filed
Bigben Interactive (ISIN FR0000074072) announced on August 4, 2026 that it has obtained, under the aegis of conciliators appointed by the President of the Commercial Court of Lille Métropole, a preliminary agreement from its main financial creditors with a view to restructuring its debt. This agreement brings together holders of senior bonds convertible into Nacon shares, constituted as an ad hoc group representing approximately 67.6% of the total amount of these bonds (with a total amount of approximately 59.4 M€), four of the five creditors of the banking pool in respect of the balance of the syndicated bank credit (representing approximately 80% of the total amount, approximately 950 K€) and the banking creditors of Nacon for the benefit of which the Company has granted guarantees.
The conciliation procedure had been opened on March 4, 2026. Given the support expressed by the creditors, the Company filed an application for the opening of an expedited safeguard procedure, in accordance with articles L. 628-1 and following of the Commercial Code.
Restructuring through debt-to-equity conversion and capital contribution
The proposed financial restructuring is primarily intended to allow the settlement of the Company's liabilities and the strengthening of its equity, notably through the conversion of debt into capital and a contribution of new money (through capital increases) by certain creditors of the Company. It also provides, in an indissociable manner, that the Company reinvest part of this contribution in the capital of Nacon, in which it currently holds 56.72% of the capital and 69.54% of the voting rights.
This reinvestment would be conditional upon the Court's adoption of a Nacon recovery plan. Should the Court grant the application, the expedited safeguard procedure will concern only the Company's financial debt and will have, according to the press release, no impact on relations with its operational partners, in particular its suppliers, or its employees.
Massive dilution announced for existing shareholders
The Company draws the market's attention to the fact that the contemplated capital increases will result in massive dilution for existing shareholders. On the basis of the financial parameters and the valuation of equity retained by the parties, these capital increases would be carried out at issue prices significantly below the current stock market price of Bigben Interactive shares on Euronext Paris.
The price of the capital increase DPS BBI, with a total amount of 25 M€ guaranteed up to 20 M€, will be determined so that existing shareholders may continue to hold 1% of the share capital on a fully diluted basis post conversion capital increases, before taking into account dilution related to ORATs, the managers' profit-sharing plan and this capital increase. The Company indicated that it would inform the market of the next steps, including the opening of the expedited safeguard procedure expected in the course of August.
