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.

  - Reuters