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38 studios misses payroll, struggles to pay off state debt - Spun Polyester Yarn by grass lawn





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38 studios misses payroll, struggles to pay off state debt - Spun Polyester Yarn by
Article Posted: 07/20/2012
Article Views: 70
Articles Written: 975
Word Count: 441
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38 studios misses payroll, struggles to pay off state debt - Spun Polyester Yarn


 
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The grim news surrounding Kingdoms of Amalur developer 38 Studios continues to mount, as new reports indicatethat the Rhode Island-based company was unable to pay its employeesthis week. Over the past several days, the studio has been in talks with Rhode Island officials to discuss its serious financial woes,and today a spokesperson for the Rhode Island Economic DevelopmentCorporation confirmed that 38 Studios has missed its most recentpayroll, reports local news group WPRI . The publication reports that 38 Studios employed 379 full-timeemployees as of March 15, with some 288 employees located withinRhode Island state. Meanwhile, Rhode Island Governor Lincoln Chafee said that 38Studios is in the process of fulfilling the overdue $1.125 millionloan payment it missed earlier this month . This news comes just a day after 38 Studios head Curt Schilling metwith state officials asking for more funding for the company.

Thusfar, the state has not taken any action, though another meeting hasbeen scheduled for Monday. In the midst of this turmoil, the EDC's executive director, KeithStokes has stepped down from his position altogether. Stokes playeda major role in providing 38 Studios with state funding, and helpedcoordinate the $75 million state loan the company received in 2010. All of this financial trouble came to light just a few months afterthe company launched its first title, the Big Huge Games-developed Kingdoms of Amalur: Reckoning , which sold roughly 330,000 copies in the U.S. during its first week of sale.

If it can secure additionalfunding, 38 Studios also plans to release its upcoming MMO, dubbed Copernicus . If the company does close, WPRI reports that Rhode Island taxpayers will have to make up for the failedloan by paying roughly $112.6 million (including interest) through2020, and Joystiq says the studio's IP rights will go to the state . [ Update: It seems that 38 Studios has not yet paid the state after all, asWPRI updated its story to note that the company's chief financialofficer, Rick Wester, contacted the EDC this afternoon to informthe state that 38 Studios had insufficient funds to cover the$1.125 million payment. The EDC has since returned the studio'scheck. Governor Chafee added that the EDC would still accept an overduepayment if 38 Studios can somehow come up with the funding.] Related news: Kingdoms of Amalur house 38 Studios failed to make $1M loan payment Rhode Island government hoping to keep Kingdoms of Amalur dev solvent Ex-Zynga, Sony Online boss heads to Amalur house 38 Studios.

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