Nacon subsidiary studios Spiders, Kylotonn, and Cyanide have all filed for insolvency with the Lille Métropole Commercial Court and requested the opening of judicial reorganization proceedings in their favor.
Paris-based studio Spiders is perhaps best known for working on the Greedfall franchise. Kylotonn has spent recent years overseeing the World Rally Championship series, while Cyanide has worked on franchises such as Styx and Blood Bowl.
Nacon Tech, a motion capture company owned by Nacon, has also filed for insolvency.
Judicial reorganisation proceedings allow companies operating under French law to freeze their liabilities for an observation period that could last for up to 18 months. During that period, debtors can propose a continuation plan to enable a company to restructure its debt with a view to ensuring the recovery of its business.
The important context here is that Nacon also filed for insolvency back in February in an effort to restructure its debts.
At the time, the publisher said it intended to put forward a “credible and effective” continuation plan after commencing judicial reorganization proceedings when it failed to partially repay a bond loan.
“The aim of this procedure is 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,” said Nacon is a note to investors published in February.
Nacon currently employs over 1,000 workers across 25 subsidiaries, including 16 development studios.