Bigben, Nacon suspend trading amid debt strain

Bigben Interactive has requested the temporary suspension of trading in its shares on Euronext Paris and in its exchangeable bonds on Euronext Access Paris, effective from market opening on 20 February 2026. The French company said the decision follows a serious deterioration in its financial situation after it was unable to proceed with a planned partial refinancing of its bond debt.

On 17 February 2026 Bigben disclosed that its banking pool had unexpectedly and belatedly refused to respond to a drawdown notice related to the partial refinancing of its existing exchangeable bonds for ordinary shares of Nacon. As a result, the company could not make the €43 million partial repayment of the outstanding bonds that had been scheduled for 19 February 2026.

Bigben said the resulting liquidity pressure, particularly on its cash position, has led it to begin discussions with its main creditors and financial partners to secure business continuity and restructure its debt, including its bond obligations. The group added that it is considering using procedures under the supervision of the Commercial Court to facilitate a debt restructuring.

Alongside the suspension of trading in its equity and bonds, Bigben has also suspended the liquidity contract on its shares. The suspensions will remain in force until a further notice is published, which the company indicated is expected in the coming days. Bigben reported IFRS revenue of €288 million for its 2024-25 financial year and employs more than 1,300 people through 36 subsidiaries and a distribution network in over 100 countries.

Nacon, a video game publishing and gaming peripherals company majority-owned by Bigben, has separately requested the temporary suspension of trading in its shares on Euronext Paris, also from market opening on 20 February 2026. The company cited the situation at Bigben and its consequences for Nacon’s own liquidity position.

Nacon said it had taken note of Bigben’s 17 February 2026 press release stating that Bigben was unable to make the €43 million partial repayment to holders of its exchangeable bonds. Nacon said this has had a significant impact on its activities and that its liquidity position now requires the rapid implementation of a financial restructuring with its creditors to ensure operational continuity.

Like its parent, Nacon is considering using court-supervised procedures to facilitate a restructuring of its debt. It has also decided to suspend the liquidity contract on its shares. The trading halt will remain in effect until a new communication is issued, which Nacon said is expected in the coming days.

For the 2024/2025 financial year Nacon reported IFRS revenue of €167.9 million and operating profit of €1.1 million. The company, created in 2019 to consolidate Bigben’s video game and accessories activities, employs more than 1,000 people, operates 25 subsidiaries and has a distribution network in 100 countries.

The dual suspensions underscore how financing difficulties at Bigben are affecting Nacon, given their close capital and operational ties. Bigben’s exchangeable bonds are backed by ordinary shares of Nacon, meaning the delayed repayment on those instruments is directly linked to Nacon’s equity.

Both companies have signalled that they are engaging with creditors and exploring formal restructuring mechanisms under the French Commercial Court’s oversight. Until new agreements are reached or court procedures are initiated, investors face an indefinite halt in trading in Bigben’s shares and bonds and in Nacon’s shares.

Each company has indicated that further information will be provided in the near term. In the meantime, their most recently published financials and operational footprints – spanning video game publishing, mobile and gaming accessories, and audio-video products – frame the scale of the businesses now navigating this period of financial uncertainty.