PROVIDENCE, R.I. 38 Studios has declared bankruptcy, according to a company spokesman.
The news comes Thursday as the head of the Rhode Island State Police tells The Providence Journal that state and federal authorities have launched an investigation into Curt Schilling's video-game company.
According to statement to The Journal from 38 Studios, "This action comes after several weeks when the company has reviewed, considered and received the recommendations and advice with respect to potential avenues for relief that are currently available. After ongoing negotiations with the State of Rhode Island and potential investors and other interested parties, the Company has been unable to find a solution to the current stalemate."
Meanwhile, Col. Steven G. O'Donnell, superintendent of the Rhode Island State Police , says that his agency, the FBI, the U.S. Attorney's office and the Rhode Island attorney general "are working together to investigate activities that have recently come to light at 38 Studios."
O'Donnell was referring to a $75-million state-backed loan in 2010 that brought the company to Rhode Island, as well as The Journal's recent disclosure of $8.5 million in loans from Bank RI earlier this year based on state film tax credits that had not yet been issued.
More news on 38 Studios
No comments:
Post a Comment