EDC board takes no action after hearing plea from 38 Studios

By WPRI Staff

PROVIDENCE, R.I. (WPRI) – Former Red Sox ace Curt Schilling pleaded for additional state assistance on Wednesday morning at an emergency meeting of the R.I. Economic Development Corporation called to discuss its $75 million loan guarantee for 38 Studios, his video-game company.

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Update: The EDC released a statement this afternoon – here it is – along with this fact sheet (PDF):

The RIEDC Board of Directors met in closed session to receive a presentation from representatives of 38 Studios as to the company’s confidential financial status and projections. Members of the Board asked many probing questions of the company. After representatives from 38 Studios concluded their presentation, the Board then engaged in extended discussion of confidential financial information. The Board did not take any vote. The company still has the option to cure the existing default by paying the $1,125,000 guaranty fee that is past due. In the meantime, we will continue to talk with 38 Studios and develop additional information, and will resume the Board meeting at our regularly scheduled meeting on May 21. The members of the Board may not discuss the confidential information received and discussed today.

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