Linked by Thom Holwerda on Fri 14th Sep 2007 21:36 UTC, submitted by dylansmrjones
SCO, Caldera, Unixware Yahoo reports that SCO has filed [.pdf] for bankruptcy in order to protect assets. "The SCO Group today announced that it filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code. SCO's subsidiary, SCO Operations, Inc., has also filed a petition for reorganization. The Board of Directors of The SCO Group have unanimously determined that Chapter 11 reorganization is in the best long-term interest of SCO and its subsidiaries, as well as its customers, shareholders, and employees." Groklaw has a story on it, too.
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Not really over....
by Phloptical on Fri 14th Sep 2007 22:59 UTC
Phloptical
Member since:
2006-10-10

Just because a company files Ch.11 doesn't mean it shuts it's doors and disappears. 9 times out of 10 (in US, at least) all that changes is the name outside on the building. All bankruptcy protection means is that SCO doesn't have to pay the creditors it owes.

I worked for a company that filed Ch. 11 three times before being forced into receivership by the board of directors, and having the IRS go after them for tax evasion. That was the only thing that kept them gone.

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