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Red Sox star Schilling talks of bankruptcy

June 22, 2012 at 2:59 PM   |   Comments

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BOSTON, June 22 (UPI) -- Former Red Sox star Curt Schilling says his video game company, 38 Studios, went bankrupt largely because it couldn't raise more money from outside investors.

The Rhode Island video game company filed for bankruptcy two weeks ago, The Boston Globe reported.

"One of the going concerns from Day One -- and it was always something that we were cognizant of -- is we needed to raise capital," Schilling said in an interview on a Boston sports radio show. "We tried for a long time to do that and it didn't come to fruition."

Schilling founded the company six years ago with $50 million of his own money.

An additional $5 million to $10 million came from other wealthy investors, and the company received a $75 million loan from the state of Rhode Island to entice it to move to Providence last year.

Its flagship project was an online multiplayer role-playing game code-named Copernicus, scheduled to be released next June.

In its Chapter 7 bankruptcy filing, 38 Studios reported it owed more than $150 million, mostly to the Rhode Island Economic Development Corp., and had less than $22 million in assets.

"I put everything in my name in this company," Schilling said. "I believed in it. I believed in what we built. I never took a penny in salary. I never took a penny for anything."

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