French video game publisher Nacon has filed for insolvency, after the company’s majority shareholder Bigben Interactive failed to make the partial repayment of its bond loan to its bondholders. This, Nacon said, was due to “an unexpected and late refusal by its banking pool”.
A company is insolvent when it can’t pay its debts, meaning it is at risk of being closed down. Last week, the Styx: Blades of Greed publisher stated its situation “required the rapid implementation of a financial restructuring with its creditors in order to ensure the continuity of its operations”.
This morning, Nacon subsequently announced its available assets “do not allow it to meet its due liabilities”. As such, the company will now file for…