Curt Schilling’s Video Game Company Files For Bankruptcy

June 7, 2012 12:00 AM
Curt Schilling’s Video Game Company Files For Bankruptcy
" PROVIDENCE, R.I. (CBS/AP) — Former Red Sox pitcher Curt Schilling’s troubled video gaming company, lured to Rhode Island with a $75 million state loan guarantee two years ago, filed for bankruptcy protection on Thursday, and federal authorities have begun an investigation into the firm.

“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,” the company said in a statement.

The filing by Providence-based 38 Studios, which laid off its entire staff last month, was made in U.S. Bankruptcy Court in Delaware, where the company is incorporated as a limited liability corporation.

The company owes between $100 million and $500 million, while its assets are estimated at $10 million to $50 million, according to court filings.

A second filing was made by 38 Studios Baltimore, a separate limited liability corporation. It owes between $100 million and 500 million, and has assets of $500,000 to $1 million, the filings show "

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