Several Nacon subsidiaries, including GreedFall developer Spiders, Styx: Shards of Darkness developer Cyanide, and Kylotonn, have all filed for insolvency. Earlier this year, Nacon filed for emergency insolvency after its parent company disclosed financial difficulties.
The situation appears to have trickled down to the company’s subsidiaries. A recent report from Game Developer shows that all is not well with all the subsidiaries. They have all filed for insolvency and are moving forward with judicial reorganization.
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The process, which could last up to 18 months, will freeze their liabilities while the companies will remain under observation. While the process lasts, the subsidiaries will have the opportunity to propose plans to restructure their debts and work towards business recovery.
Cyanide and Kylotonn (also known as KT Racing) were acquired by Nacon (formerly called Bigben Interactive) in 2018. The following year, they acquired Spiders to strengthen their portfolio of double-A titles. Besides GreedFall, Spiders is also the studio behind The Technomancer and Steelrising.
Nacon’s motion capture company, Nacon Tech, also filed for insolvency. At the time when the parent company filed for insolvency, it said it was “[assessing] all possible solutions to ensure sustainability”.
Are you worried about the fate of the three studios that have now filed for insolvency? Share your thoughts in the comment box below.
