Styx publisher Nacon files for insolvency just a week after we gave its latest game 82%, asks white-knuckling creditors to figure out what's next in 'a calm and constructive framework'

One week after we gave its latest release—Styx: Blades of Greed—a healthy 82% review, French publisher Nacon has filed for insolvency.

In a notice earlier today, Nacon declared that it will "as of today, file for insolvency with the Court and request the opening of judicial reorganisation proceedings." That is to say, it cannot service its debts and has asked the courts to step in—Nacon is "considering procedures intended to facilitate the restructuring of its debt under the supervision of the Court."

It might seem out of the blue—and it is: the last Styx game released less than a week ago, Nacon acquired the WRC rights last year, and it announced the date for its upcoming Nacon Connect event two days ago—but Nacon did announce it had hit choppy waters last week, on February 20.

"Nacon announced that the situation of its majority shareholder, Bigben Interactive,

which, following an unexpected and late refusal by its banking pool, was unable to make the partial repayment of its bond loan to its bondholders, was significantly affecting its own operations. [Nacon] indicated on this occasion that its liquidity situation required the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations."

In other words, Nacon had been jumpscared by Bigben's financial difficulties and was rapidly hurtling towards a situation where it would be unable to pay its debts. That has now come to pass. Nacon's statement today declares that its "available assets do not allow it to meet its due liabilities" and so: insolvency.

This is, of course, not a great situation to be in. A company that cannot service its debts stands a good chance of shutting down entirely, but Nacon is, for now, aiming 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.

"This procedure will enable the Company to continue its business, renegotiate its debts, and develop a credible and effective continuation plan."

French courts are expected to rule on Nacon's request for reorganisation in early March, while a suspension in the trading of the company's shares—put into effect on February 20—remains in place.

Nacon "will keep the market informed as the situation and the proceedings develop."