Tuesday, March 4, 2008
SCO Files Bankruptcy Reorganization Plan
UNIX software technology developer The SCO Group Inc. announced Tuesday that it has filed a formal reorganization plan and disclosure statement with Delaware's Bankruptcy Court. According to SCO, the plan will enable it to emerge from Chapter 11 and allow it to focus on developing and supporting its UNIX and mobile technologies. As part of the plan, SCO must provide shareholder distributions, full payment of approved creditors' claims, and full payment of all claims subject to pending litigation. The plan also provides for the establishment of a new board of directors and the hiring of a new chief executive officer. SCO said Stephen Norris Capital Partners LLC, a private investment company, has pledged to provide up to $100 million to finance SCO's reorganization plan and to take the company private. The bankruptcy court has scheduled an approval hearing for April 2. The SCO Group is headquartered in Lindon, Utah.