SCO Declares Bankruptcy

(Information Week Via Thomson Dialog NewsEdge) Unix distributor SCO Group filed for Chapter 11 bankruptcy protection on Friday, days before the scheduled start of a trial where the company faces legal penalties that could exceed its assets.

SCO also filed a petition for reorganization. The company said the filings will help ensure that it "will not have any interruption in maintaining and honoring all of its commitments to its customers" and will allow it to pay its vendors. A U.S. District Court judge recently ruled against SCO in its long-running lawsuit against Novell, deciding that Novell-and not SCO- owns the copyrights to the Unix operating system.

As a result, the judge ruled, SCO must remit to Novell a portion of the fees it has collected from selling Unix licenses, mostly to Sun Microsystems and Microsoft. That could amount to as much as $25 million. SCO's most recent Securities and Exchange Commission filings show that, as of April 2007, the company had $7.8 million in cash or equivalents, and total assets of $20 million.

http://informationweek.com/

Copyright 2007 CMP Media LLC. All rights reserved.

Copyright 2007 CMP Media LLC

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