Rhode Island will honor bond repayment for 38 Studios

The state of Rhode Island will officially honor bonds that financed Kingdoms of Amalur developer 38 Studios after the Rhode Island Finance Committee approved a budget last night that includes an interest payment of $2.5 million, Reuters reports.

According to the report, yearly payments must still be signed off on by both the House and Senate and payments may change in years to come as a result.

The state sold $75 million in taxable bonds in 2010 in an attempt to court 38 Studios. While it was planned that the developer would repay the costs, 38 Studios shuttered, resulting in roughly $89 million left in payments.

Last month Rhode Island governer Lincoln Chafee began looking into the ramifications of not paying back money owed to lenders, despite emphasizing the state has no plans to follow through on this decision.

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