38 Studios Files for Bankruptcy
38 Studios, the company behind Kingdoms of Amalur: Reckoning, has filed for Chapter 7 bankruptcy, owing creditors roughly $150 million.
The epic collapse of Curt Schilling’s video game company is finally coming to a close. 38 Studios filed for liquidation of its assets under Chapter 7 of the US bankruptcy code today. According to the filing, the Rhode Island operation lists a little over $21 million in total assets against roughly $150 million owed to creditors, while the Baltimore office (formerly Big Huge Games) reports $335 thousand in assets against more than $121 million in debt.
It’s a grim end for the studio behind Kingdoms of Amalur: Reckoning, and a cautionary tale about state-backed game financing that the industry will be chewing over for a long time.