By Todd Wallack, Globe Staff
38 Studios LLC, the troubled video game company founded by retired Red Sox pitcher Curt Schilling, filed for Chapter 7 bankruptcy protection Thursday, clearing the way to liquidate the company.
The Delaware court filing suggests that Schilling has given up his search for additional capital from the state or outside investors to restart the company. Chapter 7 is the section of the bankruptcy code that companies use when they are liquidating their assets.
In the bankruptcy filing, the company indicated it had more than 1,000 creditors who were owed a total of $100 million to $500 million. By comparison, the firm estimated its assets were worth only a fraction of that amount -- between $10 million and $50 million in assets.
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38 Studios LLC, the troubled video game company founded by retired Red Sox pitcher Curt Schilling, filed for Chapter 7 bankruptcy protection Thursday, clearing the way to liquidate the company.
The Delaware court filing suggests that Schilling has given up his search for additional capital from the state or outside investors to restart the company. Chapter 7 is the section of the bankruptcy code that companies use when they are liquidating their assets.
In the bankruptcy filing, the company indicated it had more than 1,000 creditors who were owed a total of $100 million to $500 million. By comparison, the firm estimated its assets were worth only a fraction of that amount -- between $10 million and $50 million in assets.
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