Nacon: restructuring plan with €31M in fresh capital, decision expected in fourth quarter 2026
In judicial reorganization since March 2026, Nacon has detailed the progress of its restructuring plan, whose adoption conditions the implementation of the financial restructuring of its parent company Bigben Interactive.
The timeline targets a court decision during the fourth quarter of 2026.
A plan linked to the restructuring of Bigben Interactive
Nacon recalled that the judicial reorganization procedure opened against it by the Lille Métropole Commercial Court, by judgment of March 2, 2026, is continuing. The observation period was extended until March 2, 2027 by a judgment of July 1, 2026.
With the assistance of its advisors and court-appointed administrators, the company is preparing a plan including a restructuring of its liabilities. This work resulted in discussions with its stakeholders, including its financial creditors.
Bigben Interactive, majority shareholder holding 56.72% of capital and 68.74% of voting rights as of August 31, 2026, is itself subject to an accelerated safeguard procedure opened on August 17, 2026. According to the preliminary agreement made public on August 4, 2026, the implementation of the financial restructuring is conditional on the adoption of Nacon's restructuring plan.
Capital increase and shareholder dilution
The restructuring agreement provides for a contribution of fresh capital of €31M via a capital increase with preferential subscription rights, guaranteed to the extent of €23.5M by the initial guarantors, including €16M contributed by Bigben Interactive. It also includes the conversion and waiver of intra-group receivables for €39.6M, as well as the settlement of bank and unsecured claims for €101M.
The company draws the attention of shareholders and the market to the fact that the contemplated transactions, if integrated into the restructuring plan, would result in substantial dilution for existing shareholders.
Under the supervision of the court-appointed administrators, creditors and shareholders will be called to vote within classes of affected parties before the court rules on the adoption of the plan in the fourth quarter of 2026. The company has also indicated its intention to appoint an independent expert, in application of article 261-3 of the AMF general regulations, in order to establish a fairness opinion. The transactions will be subject to prospectuses submitted for AMF approval, with implementation targeted by the end of the first quarter of 2027.
