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38 Studios Files For Bankruptcy

sjohnson

Posted June 11, 2012 - By Stephen Johnson

Kingdoms of Amalur

In all the excitement of E3 last weekend, this story slipped under our radar a bit, but I wanted to close out the 38 Studios saga properly: Curt Schilling's video game development house is officially bankrupt. The company filed with the U.S. Bankruptcy Court in Delaware, claiming liabilities of $150.7 million against assets of just more than $21.7 million.

“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.” 38 Studios said in a statement.

38 Studios was scheduled to release Project Copernicus, an MMO set in the Amalur universe in June of 2013, but that's obviously unlikely to happen. Taxpayers loaned Schilling and company 75 million dollars to fund their games. Rhode Island is basically left holding the bag for the company's losses. They'll most likely salavage what they can of 38 Studio's intellectual property and sell it off to offset the losses.

We'll keep you posted as to any new developments.

Source: MarketWatch

 

38 Studios Files For Bankruptcy
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