SCO Group Receives $2 Million In Financing
By Doug Caverly
For better or for worse - and admittedly, many people will say it's for the much, much worse - the SCO Group has received a financial lifeline of sorts. SCO, which filed for Chapter 11 bankruptcy protection in 2007, is set to get $2 million in funding.
SCO announced earlier this week "that it had secured Bankruptcy Court approval and funding for $2MM in postpetition financing in the form of a secured super-priority credit facility from a group of private lenders. Proceeds from the financing will be used to fund the company's operating and administrative expenses, as well as litigation-related expenses."
And then, in case you didn't catch that last part, the formal statement continued, "This financing is intended to allow for the preservation of the value of the Company's business while enabling the Company to proceed with asset sales, continue supporting SCO's loyal UNIX customer base and to pursue litigation against, among others, IBM and Novell."
As mentioned earlier, this development isn't likely to be met with a lot of cheering. SCO has wound up looking very much the villain as a result of its Linux- and Unix-centric lawsuits, and many members of the Unix community have been more or less waiting for the company to die.
One possible silver lining is that this could at least act to unite the Unix community, though.
About the Author:
Doug is a staff writer for WebProNews. Visit WebProNews for the latest eBusiness news.
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