French AA publisher and developer Nacon has filed for insolvency.
As IGN reports, Nacon announced last week that its majority shareholder, Bigben Interactive, was unable to make a €43 million loan repayment. This was due to the “unexpected refusal of its banking pool to respond to the drawdown notice.”
Bigben Interactive holds 56.72% of Nacon’s share capital and 65.79% of its voting rights.
Nacon said its available assets are insufficient to pay its current debts, necessitating action to ensure it can continue operating.
The AA publisher is now considering legal procedures – overseen by the court – to help reorganise its debt and stabilise the company. A court hearing is expected in early March, at which it will…