38 Studios files for bankruptcy; law enforcement opens probeJune 7th, 2012 at 1:02 pm by Ted Nesi under Nesi's Notes
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By Ted Nesi
PROVIDENCE, R.I. (WPRI) – 38 Studios has declared bankruptcy as a formal investigation of the company begins, WPRI.com has learned.
38 Studios LLC and its three subsidiaries filed for Chapter 7 bankruptcy protection on Thursday in Delaware, meaning they have ceased operations and will be liquidated.
Separately, federal and state law enforcement officials confirmed the launch of a formal probe into 38 Studios and its efforts to secure Rhode Island tax credits to remain afloat.
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