Good news: 38 Studios makes first repayment

Late last week it became apparent that Kingdoms of Amalur: Reckoning developer and co-publisher 38 Studios was in a financial quagmire. The company missed their May repayment amount for their $75 million loan from the Rhode Island government. This resulted in Rhode Island’s Economic Development Corporation swooping in to assess what was happening at the studio.

It wasn’t looking good at all for the company, with their initial cheque for the repayment amount of $1.25 million being returned by the EDC after they learnt that there were no funds in 38 Studios’ bank account. On top of this, all temporary staff members were let go, and those staff members who remained didn’t get their salaries.

Now, however, it seems that 38 Studios has managed to pay the Rhode Island government for May 2012. This was revealed by Rhode Island governor Lincoln Chafee during a press conference. Chafee also confirmed that 38 Studios will have to secure “private capital funding” in order to stay afloat and make its required repayments. Another amount of $2.6 million is due in November, and a total amount of $12.6 million is due throughout 2013.

Interestingly, the Rhode Island governor also revealed that 38 Studios’ MMORPG title, codenamed “Project Copernicus”, will be out in June next year. This is, probably, the first time that a government official has provided a release window for a game. A new video of the MMO has since surfaced online and can be found below.

With their May repayment made and a new flyby clip of Project Copernicus doing the rounds, it seems like 38 Studios’ future is a little more positive.

Source: Joystiq

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