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38 Studios Could be Facing Financial Troubles

Posted Tue, May 15, 2012 by Martuk

News circulating the web today indicates that Curt Schilling’s 38 Studios could possibly be in a little bit of financial trouble. According to a report from the Providence Journal, Governor Lincoln Chafee met with 38 Studios executives over the weekend to discuss the financials relating to the $75 million loan guarantee that Schilling secured back in 2010 with the Rhode Island Economic Development Corporation.

A story from Boston.com explains that 38 Studios defaulted on a recent $1.125 million loan-guarantee payment, prompting officials and executives to get together over the weekend and try to work something out. According to Chafee, who opposed the deal with 38 Studios, the work at stake over the weekend was aimed at, “keeping 38 Studios solvent”, which is never a good thing to hear from a business standpoint.

38 Studios launched its first title in February with the action RPG, Kingdoms of Amalur: Reckoning. Since then, the studio has released two pieces of new DLC content. Kingdoms of Amalur is a prelude to what 38 Studios hopes will be its next project, the MMORPG currently codenamed Copernicus.

For now, work goes on at the studio. Stay tuned and we’ll update you when more news is available.

via Gamasutra
Source: Providence Journal, Boston.com

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