NEW: Schilling’s 38 Studios is Bankrupt
Thursday, June 07, 2012
38 Studios, which received a $75 million loan guarantee from the state in 2010, laid off every single employee two weeks ago after the company defaulted on a $1.125 million payment due to the Economic Development Corporation.
According to the filing, 38 Studios owes more than $150 million to more than 1,000 creditors and the company had just under $22 million in total assets.
Schilling owns 82.9 percent of the company.
A state and federal investigation is also underway.