Nacon files for insolvency and requests court-led reorganization after trading suspension
Nacon files for insolvency and requests court-led reorganization after trading suspension – Nacon has filed for insolvency and requested the start of judicial reorganization procedures. – Trading in Nacon shares was suspended on 20 February. – Nacon says its major shareholder Bigben Interactive fail
Nacon files for insolvency and requests court-led reorganization after trading suspension
– Nacon has filed for insolvency and requested the start of judicial reorganization procedures.
– Trading in Nacon shares was suspended on 20 February.
– Nacon says its major shareholder Bigben Interactive failed to partially repay a bond loan due to an "unexpected and belated refusal" by its banking pool.
– Nacon states its assets are insufficient to cover creditors, prompting the request for rapid financial reorganization.
– Judicial reorganization can "freeze" current obligations for a period that may last up to 18 months while a revised debt-restructuring plan is prepared.
– Nacon owns several studios, including Cyanide (Styx), Spiders (GreedFall), Daedalic (The Lord of the Rings: Gollum) and Nacon Studio Milan (Terminator: Survivors).
– The company says it hopes to preserve jobs, reach revised agreements with creditors, and will have its request considered in early March; Nacon plans a Nacon Connect presentation on 6 March (impact unclear).
@Games
– Nacon has filed for insolvency and requested the start of judicial reorganization procedures.
– Trading in Nacon shares was suspended on 20 February.
– Nacon says its major shareholder Bigben Interactive failed to partially repay a bond loan due to an "unexpected and belated refusal" by its banking pool.
– Nacon states its assets are insufficient to cover creditors, prompting the request for rapid financial reorganization.
– Judicial reorganization can "freeze" current obligations for a period that may last up to 18 months while a revised debt-restructuring plan is prepared.
– Nacon owns several studios, including Cyanide (Styx), Spiders (GreedFall), Daedalic (The Lord of the Rings: Gollum) and Nacon Studio Milan (Terminator: Survivors).
– The company says it hopes to preserve jobs, reach revised agreements with creditors, and will have its request considered in early March; Nacon plans a Nacon Connect presentation on 6 March (impact unclear).
@Games