Rhode Island

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.

Rhode Island saved more than $7 million by refinancing $122.9 million of debt, General Treasurer Gina Raimondo said after Monday's bond issue.

Mayor Angel Taveras' $638.4 million budget proposal for distressed Providence, R.I., hinges on two large variables: court or union approval of pension overhaul at the local level and greater contributions in lieu of taxes from nonprofit agencies.

Rhode Island Gov. Lincoln Chafee announced that director of policy Brian M. Daniels has agreed to lead the state’s performance management initiative, working with departments and agencies to encourage data-driven decision making.

Providence dropped retired Supreme Court Justice Robert Flanders as an advisor after he said the capital city was headed to bankruptcy court.

Rhode Island General Treasurer Gina Raimondo is opposing an attempt by Gov. Lincoln Chafee to reduce a $2.6 million taxpayer obligation to the pension fund.

Reeling Providence received another rating downgrade late Monday when Moody's Investors Service lowered the Rhode Island capital's general obligation bond rating one level to Baa1 from A3, affecting $55.6 million of outstanding debt.

Gov. Lincoln Chafee has fired the first shot in the latest battle over pension overhaul in Rhode Island.

Fitch Ratings on Wednesday lowered the general obligation bond rating of Providence, R.I., three notches to BBB from A with a negative outlook, affecting $44.5 million of debt.

Woonsocket, R.I., reeling from yet another downgrade, may not be able to avoid bankruptcy and could run out of cash in April, one lawmaker said Friday.

Some Rhode Island lawmakers have little or no appetite for Gov. Lincoln Chafee’s proposal to raise the meals tax to 10%.