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The Boston Globe

Business

38 Studios files for Chapter 7; owes creditors at least $100 million

June 7 (Bloomberg) -- The video-game company founded by former Boston Red Sox pitcher Curt Schilling filed for bankruptcy after firing employees in Rhode Island, where it operated with help from $75 million in government bonds.

38 Studios LLC filed for liquidation today under Chapter 7 of the bankruptcy code, saying it owes creditors at least $100 million. Its assets total $10 million to $50 million, according to the filing in U.S. Bankruptcy Court in Wilmington, Delaware. Under Chapter 7, a court-appointed trustee liquidates the assets and distributes the proceeds to creditors.

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