Rhode Island

Receivership looms for Woonsocket, R.I., after a bill allowing the city to assess a 13% supplemental property tax levy to cover a $10 million budget gap died in the Rhode Island House early Wednesday.

The analogy hit Anthony Figliola right away when 38 Studios, Curt Schilling's beleaguered video-game company in Providence, filed for bankruptcy.

Rhode Island's General Assembly has sent two resolutions to Gov. Lincoln Chafee approving plans of the Rhode Island Economic Development Corp. to issue $7.5 million of bonds for maintenance dredging at Port of Davisville in North Kingstown.

Shortly after embattled video game company 38 Studios LLC, filed for Chapter 7 bankruptcy protection on Thursday afternoon, Rhode Island officials were studying the effect on their financial picture and bond rating.

Central Falls, R.I., which is on the verge of exiting bankruptcy, would experience modest gains under its five-year budget plan.

Deloitte LLP will work with Braver PC in a forensic audit of 38 Studios LLC, the struggling video-game company owned by former Boston Red Sox pitcher Curt Schilling, Rhode Island Gov. Lincoln Chafee announced.

Providence, R.I., Mayor Angel Taveras wasn’t taking any victory laps, despite the upbeat tone of last week’s announcement of a tentative landmark deal with major unions in Rhode Island’s capital city to reduce pension and health care benefits.

A willingness to talk and a sense of urgency prompted Providence and three major unions to agree on pension and health care benefit reductions, according to financial observers.

Acting on a city request, Rhode Island officials appointed a five-member budget commission to oversee the finances of 44,000-population Woonsocket, whose school system’s deficit could worsen to $10 million if state lawmakers don't approve a supplemental tax levy.

Providence, R.I., Mayor Angel Taveras late Wednesday afternoon announced an agreement with municipal workers and retirees that city officials say will enable Rhode Island's capital to avoid bankruptcy through cuts in pension and health care benefits.

Troubles at 38 Studios, the video-game company founded by former Boston Red Sox pitcher Curt Schilling, could leave Rhode Island taxpayers with a $75 million bill through a loan guarantee — and emphasizes the risk economic development deals pose for issuers.

The Rhode Island Economic Development Corp. discussed the problems of Curt Schilling’s 38 Studios LLC at a Monday night meeting in Providence, but did nothing.

The business woes of the online video game company former star baseball pitcher Curt Schilling has founded, which appears to be unraveling faster than the 2011 Red Sox, have set off a political, media and bond-industry firestorm.

Former Rhode Island auditor general Ernest Almonte will run for governor as a Democrat in 2014, he announced.

Embattled 38 Studios LLC, the video-game company owned by Boston Red Sox pitcher Curt Schilling, made its past-due $1.125 million payment to Rhode Island on Friday, Gov, Lincoln Chafee announced.

38 Studios LLC, the embattled video-game company founded by former Boston Red Sox pitcher Curt Schilling, was on the verge of making its past-due $1.1 million payment to the Rhode Island Economic Development Corp., Gov. Lincoln Chafee's office said late Thursday afternoon.

Curt Schilling once pitched with a bloody sock, endearing him to New England baseball fans. But his video game firm is in a bloody mess, leaving Rhode Island taxpayers and bondholders exposed.

Moody’s Investors Service has improved its outlook on East Providence, R.I., to stable from negative, while affirming its Ba1 general obligation bond rating. The move affects $28.7 million of outstanding parity debt.

In the next chapter in Rhode Island's ongoing battles about public pension overhauls, the Providence City Council on Monday night is expected to approve sweeping changes to its pension system.

If passed, Rhode Island’s new legislation to allow acquisitions would be a credit positive for small community hospitals in the state, Moody’s Investors Service said in a report.