Final closing on 38 Studios loan guarantee pushed back until October

THE CLOSING DATE FOR THE $75 million loan guarantee for Curt Schilling's 38 Studios is now seen for early October. It was originally expected for Aug. 31. /
THE CLOSING DATE FOR THE $75 million loan guarantee for Curt Schilling's 38 Studios is now seen for early October. It was originally expected for Aug. 31. /

PROVIDENCE – The final closing on the $75 million loan guarantee for Curt Schilling’s video game development company, 38 Studios, is now seen for October, according to R.I. Economic Development Corporation spokeswoman Melissa Chambers.
“This isn’t necessarily a delay, these are very complicated transactions and anything can cause them to be held up,” said Chambers, adding: “It’s like building a house, if an inspection isn’t completed at the right time, everything else gets pushed back.”
The loan closing was originally expected before Aug. 31.
The EDC is working to close the loan-guarantee deal with Schilling as an incentive to move his company to Providence from Maynard, Mass. The Ocean State should benefit from the promised addition of 450 new jobs in a deal that could result in as much as $93.9 million in direct and indirect annual revenue to the state.
The loan guarantee has incited criticism from politicians and business owners concerned about putting taxpayers’ dollars at risk.

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1 COMMENT

  1. Here we go again. How could you equate the closing of this transaction to the building of a house. Wouldn’t you think all of the closing agenda details would be in place on a proceeding of this immensity. I call this delay fee generation so the attorney’s involved in the closing procees will have have sucked away every available dollar during the proces. By the way, will PBN be asking there roommates over at the EDC to identify the lawyers involved in the deal along with legal fees and all professional fees as well.