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No deal reached between EDC and 38 Studios

BLOOMBERG FILE PHOTO/SCOTT EELLS
CURT SCHILLING, founder of 38 Studios LLC and a former Boston Red Sox pitcher, speaks during an interview in New York, U.S., on Monday, Feb. 13, 2012. 38 Studios, formerly Green Monster Games LLC, is an entertainment and intellectual property development company founded by Schilling and named for his jersey number.
Posted 5/16/12

(Updated 3:15 p.m.)

PROVIDENCE - 38 Studios LLC asked the R.I. Economic Development Corporation for state assistance but no deal was reached during talks in today’s meeting.

Gov. Lincoln D. Chafee could not guarantee that 38 Studios would stay solvent without state assistance but described negotiations as “complex” and said the state did not want to throw good money after bad.

Chafee confirmed that 38 Studios missed $1.125 million loan guarantee fee payment May 1, but said that the company was current on its loan repayment.

38 Studios founder and former Red Sox pitcher Curt Schilling refused to answer questions, saying only, “My priority right now is to get back to my [company].”

According to a statement from the EDC, the board of directors did not take a vote regarding the future of the 38 Studios.

The company still has the option to cure the existing default by paying the past-due $1.125 million loan guarantee fee payment.

The EDC board of directors said it will continue to talk with representatives from 38 Studios and will resume today’s emergency meeting at its regularly scheduled board meeting on May 21.

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