Ex-All Star's Game Co. Seeks Ch. 7 After $75M Loan Default

Law360, Wilmington (June 7, 2012, 9:23 PM EDT) -- The video game developer founded by former baseball standout Curt Schilling, 38 Studios LLC, filed for Chapter 7 in Delaware on Thursday after defaulting on a $75 million loan guarantee from the state of Rhode Island.

The Providence, R.I.-based company listed $21 million in assets against $150 million of debt in court documents. Also, 38 Studios Baltimore LLC and two other subsidiaries filed for court protection.

In 2010, the Rhode Island Economic Development Corporation convinced 38 Studios to move to the state with the loan guarantee...
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