38 Studios LLC, the video-game maker founded by former Boston Red Sox and Philadelphia Phillies pitcher Curt Schilling, filed for bankruptcy after firing employees in Rhode Island, and officials said the company is the subject of a federal probe.
38 Studios, which had been operating with help from $75 million in state government bonds, filed for liquidation yesterday under Chapter 7 of the bankruptcy code, saying it owes creditors about $150.7 million. Its assets total $21.7 million, according to the filing in U.S. Bankruptcy Court in Wilmington. Under Chapter 7, a court-appointed trustee liquidates the assets and distributes the proceeds to creditors.
via Curt Schilling’s Video-Game Company Files for Bankruptcy – Bloomberg.
