Curt Schilling's 38 Studios Files for Bankruptcy, Unable to Find Solution to 'Stalemate'.

Curt Schilling’s 38 Studios Files for Bankruptcy, Unable to Find Solution to ‘Stalemate’.

by Austin Pollack on Thu, Jun 7, 2012 at 4:48PM

It went well while it lasted, at least until the very (bitter) end.

Curt Schilling’s video game company, 38 Studios, filed for Chapter 7 bankruptcy on Thursday. The Delaware court filing suggests that Schilling has given up hope for seeking outside investment help to turn the company around and to get it back on its feet, according to The Boston Globe.

The company also released a statement.

“This action comes after several weeks when the company was reviewed, considered and received the recommendations and advice with respect to potential avenues for relief that are currently available. After ongoing negotiations with the State of Rhode Island and potential investors and other interested parties, the company has been unable to find a solution to the current stalemate.”

The company laid off more than 300 employees last month and according to the court filings, they owe over $100 million and as much as $500 million to employees.