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38 Studios hands over assets to bank and lender

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Lenders reclaim assets

amalur
amalur

The Rhode Island Economic Development Corporation and Bank of New York Mellon Trust Co. won court approval to take control of 38 Studios' assets today, according to Bloomberg.

The Rhode Island Economic Development Corporation and Bank of New York Mellon Trust Co. won court approval to take control of 38 Studios' assets today, according to Bloomberg.

The studio behind Kingdoms of Amalur: Reckoning and an unannounced MMORPG declared bankruptcy in June after a long struggle trying to pay back a $75 million taxpayer-backed loan from the state of Rhode Island.

The studio's assets were valued at tens of millions of dollars in the same month. The MNY Mellon Trust, a unit of the Bank of New York Mellon Corp. and a trustee for the $75 million loan made to 38 Studios asked for permission to take control of the assets, which include the game's intellectual property.

US Bankruptcy Judge Mary Walrath granted the Rhode Island Economic Development Corporation and the bank's request in a hearing today in Wilmington, Delware.