The first cheque 38 Studios has written to the state of Rhode Island cleared yesterday after bouncing on Friday.
Although it covered the studio’s first repayment, the USD $1.125 million (NZD $1.48m) cheque barely made a dent in the USD $49m (NZD $64.7m) loan 38 Studios received from the taxpayer-funded Rhode Island Economic Development Corporation.
Rhode Island governor Lincoln Chafee, who was elected after the loan was made, stated that the state was changing tax break legislation so such a deal could not be made in the future.
"Never, never ever. Not under my watch," he said.
“Taxpayers have had a very generous deal for 38 studios," he continued.
"It's time for them to go out and get private capital funding. That's the deal. There's not going to be any money from the state. They're not coming here for easy money."
38 Studios' next payment is a debt service payment of USD $2.6m (NZD $3.4m) due November 1.