If you click on a link and make a purchase we may receive a small commission. Read our editorial policy.

38's payment clears, Copernicus MMO out June '13

Rhode Island governor Lincoln Chafee said during a press conference today the $1.25 million check 38 Studios handed the Economic Development Corporation has cleared the bank.

He also said the studio's Project Copernicus MMO will launch during June of 2013.

Earlier reports stated that in order to make the required payment, the firm deferred payroll and let go of all contract and temporary staff. The report also said the check handed over to the state bounced, but it seems to have cleared now.

"It's time for them to go out and get private capital funding," said governor Chafee. "That's the deal. It's a generous deal, but stick to it.

"I want to make sure we're doing everything possible to make sure 38 doesn't fail. We're in deep. There's not going to be any money from the state. They're not coming here for easy money."

Chafee said he knew the loan was a risky move on the state's part due to the capital it takes to start a new gaming studio, but the rewards outweighed the risks when the deal was signed due to what a "huge success" it would have been for Rhode Island, providing 38 Studios had done well.

"I said from the beginning that it was a risky enterprise," he told the press. "Again, these are the ramifications of being in a risky business."

The next loan payment of $2.6 million, which is a debt service payment, is due to the state is due on November 1. The firm will them owe $12.6 million in full annual debt service in 2013.

You can read up on more of this over on Joystiq here and here.

A video showing a fly-through of the game world is through here.

Sign in and unlock a world of features

Get access to commenting, homepage personalisation, newsletters, and more!

In this article
Awaiting cover image

Project Copernicus

PC

Related topics
About the Author
Stephany Nunneley-Jackson avatar

Stephany Nunneley-Jackson

News Editor

Stephany is VG247’s News Editor, with 22 years experience (with 15 of them at VG247). With a brain that lacks adhesive ducks, the ill-tempered, chaotic neutral fembot does her best to bring you the most interesting gaming news. She is also unofficially the site’s Lord of the Rings/Elder Scrolls Editor.

Comments