RI signs deal to look at impact of not paying 38 Studios loans - ABC6 - Providence, RI and New Bedford, MA News, Weather

RI signs deal to look at impact of not paying 38 Studios loans

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By: Dee DeQuattro

Twitter: @deedequattro

Email: ddequattro@abc6.com

Governor Lincoln Chafee's administration has hired SJ Advisors LLC to analyze the impact if Rhode Island were to not make payments on the 38 Studios moral obligation debt.

The company will report findings, analysis and projections comparing scenarios in which the state does make the scheduled payments on the Bonds and those in which it does not. The findings will be based upon data analysis.

The work has been divided into three phases. In the first phase the company will gather data, documents, and information regarding the $75 million dollar moral obligation bond the state backed for 38 Studios. The second phase will involve analysis and presentations of the ideas. The third phase involves follow ups and any testimony the company would have to make regarding the findings.

The expense of the first two phases will be based on an hourly agreement however there is a cap on expenses of $75,000.

The company signed the agreement with the Rhode Island Office of Management and Budget at the end of February.

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