May has not been a kind month to Curt Schillings 38 Studios. After missing a loan payment earlier this month, the Rhode Island Economic Development Council (EDC) held meetings in an effort to keep the company solvent. The EDC initially committed to a $75 million loan as part of a deal to move the studio to RI. Reports yesterday stated that a check had been hand-delivered to the EDC, but was later returned after 38 Studios CFO Rick Wester informed the EDC that there were not enough funds available to cover the check, so it was returned to the studio.
Today a new report from WPRI stated that 38 Studios has now paid overdue the $1.125 million payment, but Rhode Island Governor Lincoln Chafee has opposed aiding the studio further with taxpayer assistance that Schilling requested earlier this week. In a statement earlier today, Governor Chafee explained that 38 Studios would have to find financial relief in the private sector. Governor Chafee also noted in his statement that 38 Studios MMORPG Copernicus has been pushed back from an expected release date in September to June 2013, which is the closest thing that weve received to any sort of release date.
38 Studios missed its payroll this week in order to meet the 1.125 million payment. With the current loan payment crisis behind them, the studio's future still remains uncertain. Next May, 38 Studios is expected to make a $12.8 million loan payment to bondholders. If the studio can find financial relief, we could see possibly Copernicus the following month. If not, there will be a lot of unhappy people in Rhode Island.
Governor Chafee's press conference can be viewed in the video below via the Providence Journal's YouTube page.
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