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Curt Schilling's video game company heads to bankruptcy court

July 10, 2012 / 2:04 PM EDT / CBS News

Former Boston Red Sox pitcher Curt Schilling is followed by members of the media on May 21, 2012 as he departs the Rhode Island Economic Development Corporation headquarters in Providence, R.I. AP Photo/Steven Senne, File

(AP) Former Red Sox pitcher Curt Schilling's failed video game company heads to a federal bankruptcy court in Delaware, as work begins to sort out what can be salvaged from a company that says it owes more than $270 million.

Curt Schilling's video game company faces possible failure

The hearing for 38 Studios is scheduled for 2 p.m. Tuesday. His spokeswoman says he will not attend the hearing.

The company was lured to Rhode Island from Massachusetts in 2010 after the state gave it a $75 million loan guarantee. It and its Maryland-based affiliate, 38 Studios Baltimore, closed their doors last month and filed for Chapter 7 bankruptcy protection.

Schilling has said the collapse of the company has probably cost him his entire baseball fortune.

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