French gaming company Nacon has filed for insolvency, citing an inability to meet its financial liabilities after majority shareholder Bigben failed to make a loan repayment. The company confirmed the news in a press release on February 25, 2026, stating plainly that its available assets are not enough to cover what it owes. Trading of Nacon shares has been suspended in the meantime, and a court is expected to rule on the insolvency request at a hearing scheduled for early March.
The company says the goal of pursuing insolvency protection is to keep operating while it renegotiates with creditors, and to protect its employees in the process. Whether that goes smoothly will largely depend on what the court decides.
The company has had a mixed run of games
Nacon built its publishing reputation on AA titles, the kind of mid-budget games that sit between indie darlings and blockbuster releases. That strategy had its moments. Hell is Us, which the company published last year, landed reasonably well with critics. But not everything worked out. Test Drive Unlimited Solar Crown shipped in rough shape, struggled to hold onto players, and never really recovered in the public eye. Terminator: Survivors, which Nacon was set to publish, was delayed before any of this financial turbulence became public.
The company still had upcoming projects in the pipeline. Its next Nacon Connect presentation is scheduled for March 4, where it was expected to show off footage from titles like Endurance Motorsport Series and Cthulhu: The Cosmic Abyss, alongside whatever new announcements it had prepared. Whether that presentation goes ahead as planned now sits in a grey area.
Styx: Blades of Greed, another title the company was developing, also now faces uncertainty given the situation.
Hardware that found a niche but never broke through
Beyond publishing, Nacon makes controllers, gaming headsets, and racing sim peripherals through its Revosim brand. These products built a small but dedicated following in pro gaming and sim racing communities, though mainstream adoption never quite happened. With the Nacon insolvency proceedings underway, the future of that hardware lineup is just as unclear as the games side of things.
So, what happens now?
The court hearing in early March will be a defining moment. Courts handling insolvency proceedings in France can approve restructuring, allow continued operations under supervision, or move toward liquidation if they determine the situation is unrecoverable. Nacon insolvency coverage will likely intensify heading into that hearing, particularly among players who have been following its upcoming titles or who own its hardware.
For now, the company is in a holding pattern. Employees are still working, games are presumably still in development, and Nacon Connect is still on the calendar. But the financial ground underneath all of that shifted significantly this week, and the next few weeks will go a long way toward determining what, if anything, stays intact.
