Bigben Interactive Commences Financial Restructuring Proceedings

Bigben Interactive (ISIN FR0000074072), the French video game publisher, announced significant financial restructuring proceedings on September 22, 2026. The Commercial Court of Lille Métropole has initiated accelerated safeguard proceedings for the benefit of the company, following an agreement in principle reached with key creditors and a formal lock-up agreement. These proceedings are aimed at facilitating a financial restructuring that includes a capital increase with preferential subscription rights, a conversion of debt into redeemable bonds and equity, and the disposal of certain assets to fund the restructuring.

The key terms of the financial restructuring agreement include a new money injection of between €55 million and €60 million, proceeds from the disposal of Bigben Connected for €35 million, and a capital increase with preferential subscription rights for cash in the amount of €25 million, backstopped up to €20 million by the converting creditors acting as backstop guarantors (the "Signatory Bondholders") and the credit institutions benefiting from guarantees (cautionnements) or other personal sureties granted by the Company.

The agreement also includes the conversion of debt into redeemable bonds and equity, including the conversion of convertible bonds (including the coupon due in February 2026) into Bigben Interactive shares (€47.2 million) and redeemable bonds (ORAR) (€26 million with a 36-month maturity). Additionally, outstanding balance of Nacon bank guarantees (cautions) provided by Bigben Interactive, totaling €20.8 million and already repaid in the amount of €5.9 million within Nacon, will be converted into ORAR.

The restructuring plan also involves the reinstatement of the Bigben Hong Kong credit facility of €9.3 million over 36 months with a partial repayment of €4 million from the proceeds of the disposal of Bigben Connected. The bank loan of €3.2 million relating to the headquarters refurbishment works is repaid in accordance with the contractual amortisation schedule. The Métronic France overdraft of €1.3 million is repaid from the proceeds of the disposal of BBC. The outstanding balance of the syndicated credit facility of €0.9 million is written off without consideration and with a full and irrevocable waiver of recourse by the Group and the Bondholders.

The Company has opened a syndication period for the backstop commitment in respect of the capital increase with preferential subscription rights, known as Capital Increase No. 1, DPS. This syndication period is open to the Non-Signatory Bondholders, who are eligible to participate in the Backstop Syndication as of October 5, 2026. The Non-Signatory Bondholders will have until October 12, 2026, to subscribe for the Backstop Commitment, which will be syndicated by Aether Financial Services, acting as the syndication agent. The Non-Signatory Bondholders must provide proof of their bond holdings and identify themselves to the Agent by the Record Date.

The Company has also provided a presentation of the prospective financial information and business plan to its creditors and stakeholders, under a confidentiality agreement, which includes the key elements of the business plan. The Company has confirmed that any information that may qualify as inside information has been published to the market, either previously or in this press release, for the purpose of restoring equal access to information relating to the group formed by the Company and its subsidiaries among all investors.

Next, the Company intends to continue its discussions with the Non-Signatory Bondholders in order to obtain their subscription for the Backstop Commitment by the Deadline. Under the supervision of the court-appointed administrators, the creditors and shareholders of the Company will be called upon to vote on the draft accelerated safeguard plan within classes of affected parties before the Court rules on its adoption during the fourth quarter of 2026.