来源：中关村在线 依据法国现行破产法规，司法重组程序将为Nacon设定最长18个月的观察期。在此期间，所有既有债务 暂停执行，企业可在法院监督下与债权人展开协商，同步推进业务调整与经营优化。Nacon表示，启动 该程序的核心目标是最大限度维持公司持续运营，保障员工就业稳定，维护各方合法权益。 关于此次危机的成因，业内存在不同观点：有分析认为，公司近年项目质量波动削弱了市场信任与营收 稳定性；也有观点指出，母公司Bigben的财务恶化构成了不可忽视的系统性风险。对于Nacon能否顺利 渡过难关，目前尚无定论。 2026年2月25日，法国游戏发行商与外设制造商Nacon正式向里尔都会区商业法院提交破产申请，并请 求启动司法重组程序。 里尔商业法院计划于3月初召开听证会，审议并决定是否受理该重组申请。Nacon已于2月24日向员工代 表组织正式通报相关情况。 公开资料显示，Nacon曾发行WRRC系列、机械战警：暴戾之城等获得市场积极反馈的游戏作品，也曾 参与开发魔戒：咕噜等引发广泛争议的项目。近年来，其发行作品的市场反响呈现明显分化，既包含技 术扎实、口碑良好的产品，也存在部分因完成度不足而广受质疑的案例。 这一 ...

Press ReleaseLesquin, 25 February 2026, 08:00 Nacon announces that it has today filed for insolvency* and is requesting the initiation of judicial reorganisation proceedings ** Lesquin, 25 February 2026 – Nacon (the “Company”), a subsidiary of the Bigben Group, has applied for the opening of judicial reorganisation proceedings (“redressement judiciaire”) before the Commercial Court of Lille Métropole (the “Court”). The suspension of trading in the Company’s shares on the regulated market of Euronext Pari ...

Press ReleaseLesquin, 25 February 2026, 08:00 Bigben Interactive announces that it is today requesting the initiation of an amicable conciliation procedure in order to facilitate discussions with its financial creditors Lesquin, 25 February 2026 – Bigben Interactive (the “Company”) hereby announces that it has today filed a request for the opening of a conciliation procedure with the President of the Lille Métropole Commercial Court (the “Court”). The suspension of trading in the Company’s financial instr ...

Core Viewpoint - Nacon has requested a temporary suspension of trading in its shares on Euronext Paris due to significant liquidity issues stemming from its majority shareholder's inability to repay bonds, necessitating a financial restructuring [1][2][3][4]. Group 1: Trading Suspension - The company has requested Euronext Paris to suspend trading in its shares (ISIN: FR0013482791) effective from market opening on February 20, 2026 [1][4]. - The suspension will remain in effect until further notice, which is expected to be published in the coming days [4]. Group 2: Financial Situation - Nacon's majority shareholder, Bigben Interactive, announced it cannot proceed with a partial repayment of €43 million to bondholders, impacting Nacon's operations [2]. - The company is facing a liquidity crisis that requires immediate financial restructuring with creditors to ensure operational continuity [3]. Group 3: Company Overview - Nacon, established in 2019, is part of the Bigben group and focuses on the video game market, leveraging expertise from 16 development studios and a strong distribution network [5]. - The company reported IFRS revenue of €167.9 million and an operating profit of €1.1 million for the fiscal year 2024/2025 [5].

Core Viewpoint - Bigben Interactive has requested a temporary suspension of trading in its shares and bonds due to financial difficulties stemming from a refusal by its banking pool to respond to a drawdown notice related to the refinancing of its exchangeable bonds [1][2][3][4]. Group 1: Financial Situation - The company was unable to proceed with a partial repayment of outstanding bonds amounting to EUR 43 million, which was originally scheduled for 19 February 2026 [2]. - In response to its financial difficulties, the company has initiated discussions with its main creditors and financial partners to ensure business continuity and restructure its debt [3]. - The company is considering procedures for debt restructuring under the supervision of the Commercial Court [3]. Group 2: Trading Suspension - Trading in Bigben Interactive's shares on Euronext Paris and its bonds on Euronext Access Paris has been suspended as of market opening on 20 February 2026 [1][4]. - The liquidity contract on Bigben Interactive's shares has also been suspended [4]. Group 3: Company Overview - Bigben Interactive is a European player in video game publishing, mobile and gaming accessories, and audio-video products, with a revenue of €288 million for the fiscal year 2024-25 [5]. - The company employs more than 1,300 individuals and is listed on Euronext Paris, Compartment B [6].

Core Viewpoint - Nacon is assessing the implications of its majority shareholder Bigben Interactive's financial difficulties, particularly regarding a delayed bond repayment and potential debt restructuring [1][2][3]. Group 1: Company Overview - Nacon is a subsidiary of Bigben Interactive, established in 2019, focusing on the video game market with 16 development studios and expertise in game publishing and gaming peripherals [4]. - The company reported an IFRS revenue of €167.9 million and an operating profit of €1.1 million for the fiscal year 2024/2025 [4]. - Nacon employs over 1,000 individuals and is listed on Euronext Paris [4]. Group 2: Financial Situation of Bigben Interactive - Bigben Interactive, holding 56.72% of Nacon's share capital and 65.79% of voting rights, announced it could not proceed with a partial repayment of €43 million due to its banking pool's refusal to respond to a drawdown notice [2]. - The repayment was initially scheduled for February 19, 2026, and Bigben is considering debt restructuring under commercial court supervision [2]. Group 3: Nacon's Response - In light of Bigben's financial situation, Nacon is carefully studying the potential impact on its operations and financing [3]. - The company commits to informing the market of any significant developments regarding this situation [3].

Core Viewpoint - Bigben Interactive is facing challenges in executing the planned partial repayment of its bond loan due to a late refusal from its banking pool to respond to a drawdown notice, which has led the company to consider requesting a deferral from bondholders and exploring debt restructuring options under commercial court supervision [1][2][8]. Financial Information - The company issued a bond loan of €87.3 million on 12 February 2021, with an outstanding amount of €59.1 million remaining as of now [3]. - A refinancing agreement for the outstanding bonds was announced on 24 November 2025, totaling €43 million, leaving a non-refinanced residual balance of approximately €16.1 million [4]. - A general meeting of bondholders on 2 February 2026 approved amendments allowing for a partial repayment of €75,000 per bond, reducing the nominal amount from €100,000 to €28,000, with the maturity date for the non-refinanced balance postponed to 19 August 2032 [6]. Company Operations - Bigben is a European player in video game publishing and the design and distribution of mobile and gaming accessories, as well as audio-video products, aiming to become a leader in its markets [10]. - The company has over 1,300 employees and operates 36 subsidiaries with a distribution network in over 100 countries [11][12].

Core Viewpoint - Bigben Interactive has received overwhelming approval from bondholders for amendments to the terms of the Nacon 2026 exchangeable bonds, enhancing its financial flexibility and supporting future growth plans [1][2]. Group 1: Bondholder Meeting Outcomes - The bondholder meeting resulted in a 97.47% approval rate for the proposed amendments, with 434 out of 574 bonds represented, achieving a quorum of 75.61% [2]. - The amendments will take effect on February 19, 2026, and will uniformly apply to all outstanding bonds [3]. Group 2: Key Amendments to Bond Terms - The redemption amount per bond is set at €75,000, reducing the principal from €100,000 to €28,000, resulting in an aggregate outstanding principal of €16,072,000 [4]. - The maturity date has been extended to August 19, 2032, which is 6.5 years from the effective date [4]. - A step-up coupon structure has been established, with rates of 1.125% from February 19, 2021, to February 19, 2028, increasing to 3.125% from February 19, 2028, to February 19, 2030, and finally to 5.125% until maturity [4]. - The unit exchange price has been reduced to €0.85 until August 19, 2029, and then to €0.80, down from an initial price of €9.60 [4]. - The number of pledged shares has increased from 12,101,662 to 20,090,000, representing 100% of shares deliverable upon exercise of the exchange right [4]. Group 3: Company Overview - Bigben Interactive is a European player in video game publishing and the design and distribution of mobile and gaming accessories, as well as audio-video products, with a revenue forecast of €288 million for 2024-25 [5]. - The company employs over 1,300 individuals and operates 36 subsidiaries with a distribution network in over 100 countries [5].

Core Viewpoint - Bigben Interactive is convening a meeting for bondholders to vote on amendments to the terms and conditions of its exchangeable bonds due in 2026, following a new bank financing of 43 million euros aimed at a partial redemption of these bonds [2][3][5]. Group 1: Financial Restructuring - The company announced a refinancing agreement of 43 million euros to facilitate a partial redemption of its exchangeable bonds [2][3]. - The outstanding amount of the bonds is currently 57.4 million euros, redeemable at maturity at 103% of their principal value, totaling 59.1 million euros [6]. - The proposed amendments include a partial redemption of 75,000 euros per bond, reducing the principal amount per bond from 100,000 euros to 28,000 euros [13]. Group 2: Proposed Amendments - The amendments will extend the maturity date of the non-redeemed portion of the bonds to August 19, 2032, which is a 6.5-year extension [9][15]. - The initial unit exchange price will be reduced to 0.85 euros until August 19, 2029, and then to 0.80 euros until maturity, compared to the initial price of 9.60 euros [9][15]. - The coupon rate will gradually increase from 1.125% to 5.125% over the life of the bonds [9][15]. Group 3: Bondholder Meeting - A general meeting of bondholders is scheduled for February 2, 2026, to vote on the proposed amendments, with 51% of bondholders already committed to voting in favor [2][7][20]. - If a quorum is not reached, a second meeting will be convened on February 13, 2026 [20]. - The agenda for the meeting includes the approval of the amendments and the filing of related documents [22].

Core Viewpoint - Bigben Interactive has announced the availability of its 2025/26 half-year financial report, which has been restated due to an ongoing legal dispute that necessitated a provision of 2.5 million euros [2][3]. Financial Report Summary - The half-year financial report for 2025/26 was delayed due to the need for restatement following an auditor's position regarding a legal dispute [2]. - A provision of 2.5 million euros was recorded in the restated accounts related to the legal dispute [2]. Legal Dispute Details - The legal dispute, ongoing for over 15 years, involves patents held by Nintendo concerning controllers that are no longer marketed by Bigben [3]. - A recent unfavorable ruling from German courts against Bigben Interactive Gmbh has prompted the company to appeal the decision [3][4]. Company Overview - Bigben Interactive is a European player in video game publishing and the design and distribution of mobile and gaming accessories, as well as audio-video products [5]. - The company aims to be a leader in its markets and has over 1,300 employees with a distribution network in over 100 countries [5].