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Rhode Island business organizations urge RI House Speaker to fight for 38 Studios' debt repayment

Rhode Island House Speaker Nicholas Mattiello received a letter signed by ten local business organizations suggesting the General Assembly to reserve taxpayer money to repay the funds in the 38 Studios' loan guarantee, Providence Eyewitness News reports.

"We share your disappointment in having to make this challenging decision, but, by firmly declaring your support for repayment, you have sent a strong message to state and national markets that Rhode Island will live up to its financial obligations," the letter, signed by ten business chambers of commerce and groups, reads.

Last month, Mattiello urged the state to repay debtors of the $75 million loan guarantee granted to former Red Sox pitcher Curt Schilling to establish 38 Studios. The Libertarian Party of R.I. responded that the state shouldn't pay the loan back and is not obligated to do so.

In an open letter posted on the department's website a week later, the Greater Providence Chamber of Commerce urged Rhode Island citizens to contact state lawmakers and encouraged them to uphold their end of the 38 Studios' loan guarantee.

Developer of Kingdoms of Amalur and the unreleased Project Copernicus and Rise of Nations: Tactics lost its workforce in May 2012 after missing a string of loan payments and filed for bankruptcy a month later. You can learn more about 38 Studio's bankruptcy and Rhode Island's loan in the dedicated StoryStream.

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