Spiders Is Reportedly On The Verge Of Shutting Down Following Insolvency Filing As Nacon Has Yet To Find Buyer

Spiders, the development team behind GreedFall and Steel Rising, is reportedly set to close its doors for good, after Nacon, its parent company, failed to secure a buyer after the team field for insolvency last month.

As previously reported, Spiders was among a number of Nacon studios that filed for insolvency in late March, the others being Kylotonn and Cyanide. Nacon itself also filed for insolvency earlier in the year as a result of financial difficulties that come off the back of a failed loan repayment from Bigben Interactive, which is its majority shareholder.

A report on Game Developers stated that the three companies — that is, Spiders, Kyloton and Cyanide — were moving forward with a judicial reorganisation period, freezing all liabilities during a observation period that could last up to 18 months. During this time, each of the studios have the opportunity to put forward a plan of action to restructure debuts.

Now, Origami (via Google Translation) reports that Nacon has been unable to find a buyer for Spiders, which was hoping to sell off alongside Nacon Tech to replenish its funds. As a result, it is expected Spiders will close “soon” and its developers laid off. It remains to be seen what will happen to the remaining studios.

Back in March, Nacon revealed that it was putting on hold its annual Nacon Connect event, noting in a post on X that it was a “difficult moment” for the company.

“You may have seen reports about NACON’s financial situation. It’s true: this is a difficult moment for us, and we want to address it directly. Yes, things are challenging. No, this is not the end. We’ve decided to postpone NACON Connect to work even harder on the launch of upcoming games and unveil the new games once our situation will be stabilised,” it said at the time.

Spiders was formed in 2008 by a number of ex-developers at Monte Cristo, and have worked on a number of titles over the years including Sherlock Holmes Versus Jack the Ripper, Of Orcs and Men, The Testament of Sherlock Holmes, Bound By Flame, and its latest effort, GreedFall 2: The Dying World.

[Source – Origami via Shinobi602 on X]