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38 Studios Misses Payroll

by on May 18, 2012

Things keep getting worse and worse for 38 Studios.

WPRI is reporting the company was not able to make payroll this week, and the $1.125 million check presented to the Rhode Island Economic Development Corporation was not accepted due to insufficient funds.

Also worth noting is that the head of RIEDC, Keith Stokes, who approved the loan in 2010, resigned late last night.

“A check from 38 Studios was hand-delivered to the Rhode Island Economic Development Corporation at approximately 5 o’clock this evening,” Gov. Lincoln D. Chafee said in a statement. “However, upon learning from the Chief Financial Officer of 38 Studios that there were insufficient funds to cover the payment, the check was returned. The EDC remains willing to accept readily available funds.”

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