At a press conference held today, Rhode Island governor Lincoln Chafee announced that 38 Studios had successfully paid the $1.125 million payment it had previously defaulted on when it missed its original May 1st deadline.
38 had previously attempted to make the payment yesterday, but the check was refused by the Rhode Island Economic Development Corporation when it was made clear that the studio had insufficient funds to cover the payment.
Chafee said that the total $49 million thus far loaned to the studio has reportedly been spent, though an auditor will be brought in to ensure that is the case. Chafee estimated that 38 is currently spending around $4 million a month in total expenses.
38's next payment due is a $2.6 million payment due on November 1st, which the governor believes will be covered. $12.6 million in full annual debt service will be due in 2013. "That's on their dime," said Chafee.
Chafee says that his number one priority is to ensure that 38 stays afloat, but that the state government won't be providing any additional funds to the company beyond the current agreement. "It's time for them to go out and get private capital funding," Chafee said. "That's the deal. It's a generous deal, but stick to it."
In a rather odd aside, Chafee also blurted out a release date for "Project Copernicus," the MMO the developer has been working on since 2006. He believes that the game is due June 2013.