FILE PHOTO: The UbiSoft Entertainment logo is seen at the Paris Games Week (PGW), a trade fair for video games in Paris, France, October 29, 2019. REUTERS/Benoit Tessier/File Photo
(Reuters) - French video game company Ubisoft on Wednesday called off its planned 500 million euro ($526.05 million) debt buyback citing bad market conditions.
"Given the current market conditions, Ubisoft has taken the decision to withdraw its proposed tender offer on its outstanding 500,000,000 euro 1.289% existing bonds due 30 January 2023," the company said in a statement.
Ubisoft earlier this month announced its plan to buy back the bonds and issue new ones in an effort to restructure its debt.
($1 = 0.9505 euros)
(Reporting by Michal Aleksandrowicz in Gdansk, editing by Tassilo Hummel)
