BigBen Interactive Rug Pull: French AA Publisher Nacon Lost 4 Subsidiaries, 4 More May Disappear
BigBen Interactive (BBI), the French parent company of Nacon, has triggered a black hole, swallowing a core part of French game development. With a 56.7% stake and 65.8% voting rights, the failure to meet its €43 million bond repayment on Feb. 19, 2026, has caused a full-blown tailspin. The bond issue from Feb. 12, 2021, to the tune of €87.3 million with a maturity date of Feb. 19, 2026, was conditionally exchangeable for Nacon’s shares.
This created a credit contract to be paid over 6 years, leaving the outstanding bonds that were not refinanced to approximately €16.1 million, which bondholders agreed on Feb. 2, 2026, to extend to a new maturity date of Aug. 19, 2032.
The Rug Pull Fallout
It was reported through WebDisclosure that BigBen Interactive, parent company of Nacon, was informed on Feb. 13, 2026, that the banking pool was refusing to honor the drawdown notice in connection with refinancing. The banking group claimed that it could invoke a breach of the obligation to provide required information, a violation of the contract requirements. BBI strongly contested the bank’s legal interpretation of the contract; it has decided instead to take action to protect itself.
BBI decided to explore the possibility of requesting a deadline extension given the extenuating circumstances for the partial repayment from Bondholders. The Company is also examining whether it should resort to a court-supervised debt restructuring. Both the Board of Directors and Executive Management have dedicated themselves to securing an outcome that works best for the company, its staff, the partners, and their investors. BBI remains committed to keeping those involved up to date and transparent as information becomes available.
Waterfall Effect On Nacon
Wolfs Gaming Blog says the whole ordeal leading to Nacon finding itself in hot water was unexpected and a late refusal, as the turnaround from acceptance went to a hard no just days before the scheduled repayment cutoff. Nacon itself is a hardware manufacturer and publisher, publishing titles made by its own subsidiary gaming companies. The blog highlights recent games that were released, “Styx: Blades of Greed” by Cyanide Studio, “Hell is Us” by Rogue Factor, and “Robocop: Unfinished Business” by Teyon. While Teyon is a frequent partner with Nacon, it is an independent Polish developer.
They didn’t mention Spiders, but the developer studio behind “GreedFall,” which recently released “GreedFall: The Dying World”, has officially been liquidated. These games are by 4 different development studios, all published under the same publisher, Nacon. Wolf Gaming contends that while they filed for insolvency, it doesn’t mean the publisher is shutting down; simply, they can’t pay the debt, and the risk is high. Nacon had apparently said it required quick financial restructuring to ensure the continuation of operations.
The blog highlights that despite things not going well, Nacon Connect Showcase is expected to still happen on May 7, 2026. The company suffered last year after Nintendo won a €7 million damages judgment from a 15-year-old patent infringement case over a third-party Wii Remote controller, where it copied the device’s motion-sensing design. While others have said this is one of the problems Nacon is currently facing, it isn’t quite big enough to cause a drop in the bucket of the €43 million. Nothing so far shows that the lawsuit had any major role in its situation.
If the Spiders team going away is any indication, it would appear Wolfs Gaming Blog’s fears are here and being realized. Only time will tell just how many studios will be affected.
Key Details To Watch For
Nacon was initially BigBen Group’s brand for gaming accessories, as BigBen Interactive was a publisher in the AA market for games. This was done on Jan. 30, 2020, showcasing how AA games were becoming more popular and wanting to bring them together in an effort to increase the community of gamers. Just who is at risk with Nacon facing these financial risks? The French-based publisher already announced in a press release the closure of Spiders, Kylotonn, Cyanide, and their motion capture company, Nacon Tech. Filed with the Lille Metropole Commercial Court on March 23, 2026.
Just a quick look through Steam’s store shows quite a few others are under the Nacon umbrella and may also be at risk as they continue the restructuring and organization of finances. Not all games will be published under Nacon, but they are from studios currently under Nacon.
- Eko Software
- “Handball series of games”
- “Rugby series of games”
- “Storm”
- “Aqua Panic”
- “How to Survive”
- “Warhammer: Chaosbane”
- “Welcome To ParadiZe”
- “Dragonkin: The Banished”
- Ishtar Games
- “The Last Spell”
- “Lakeburg Legacies”
- “The Alchemist of Harry’s House”
- “Dead in Antares”
- “Forgotten Mines”
- “Worlds of Aria”
- “Spirited Thief”
- “Dead in Vinland”
- “Dead in Bermuda”
- Passtech Games
- “Space Run”
- “Space Run Galaxy”
- “Masters of Anima”
- “Curse of the Dead Gods”
- “RavensWatch”
- Midgar Studio
- “Hover”
- “Edge of Eternity”
- “Edge of Memories” (Not Yet Released)
This list is by no means exhaustive, but these are some of the dominant game producers in France that may be at risk. Keep your eyes open for Nacon Connect on May 7, 2026.
