RI EDC review prompted by 38 Studios due this week

Associated Press

PROVIDENCE, R.I. (AP) — A review of the Rhode Island Economic Development Corp. that was prompted by its failed $75 million loan guarantee for former Red Sox pitcher Curt Schilling's video game company is due out this week.

The report by the Rhode Island Public Expenditure Council, or RIPEC, is scheduled to be released Tuesday morning. The report was requested by Gov. Lincoln Chafee.

A meeting of the EDC board is scheduled Monday night.

The General Assembly's Joint Committee on Economic Development plans to hold a public hearing at the Statehouse at 4 p.m. Tuesday to discuss the report's findings.

Schilling's company, 38 Studios, laid off its nearly 300 employees in May and filed for bankruptcy in June, potentially leaving the state on the hook for some $100 million.