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38 Studios Missed Last Loan Payment

by on May 16, 2012

Things keep getting worse for 38 Studios.

The studio, owned by Curt Schilling, reportedly missed its last loan payment of $1.125 million to Rhode Island on May 1, according to WPRI. This means that the company has defaulted on its $75 million loan.

So far, about $49.8 million of their original loan has been received by the company.

An emergency meeting today by state officials resulted in nothing happening from either side. The state is providing no aid, and 38 Studios has made no comment to the situation.

If the situation doesn’t improve, the taxpayers of Rhode Island may have to pay back the loan, which will total $112.6 million through 2020.

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