After failing to make a $1.125 million payment to the RIEDC, GoLocalProv has learned that Schilling’s 38 Studios defaulted on May 1. In order to get through an apparent cash-flow shortfall, the company is seeking bridge financing. They have not asked for the state to provide funding, though, according to House Speaker Gordon Fox. The company has, however, looked into using state tax credits to support its finances.
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