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8-K/A - SCO GROUP INC | v179245_8ka.htm |
EX-10.1 - SCO GROUP INC | v179245_ex10-1.htm |
THE
SCO GROUP ANNOUNCES $2 MILLION IN FINANCING
Lenders
to fund operating, administrative and litigation expenses
Lindon, Utah, March 15, 2010 –
The SCO Group, Inc., (Pink Sheets: SCOXQ), www.sco.com, a
leading provider of UNIX® software
technology, today announced 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.
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.
“The
financing is intended to enable SCO to continue to sell and support its products
while servicing the needs of our customers and partners on a worldwide basis
through the bankruptcy period,” said Ken Nielsen, chief financial officer, The
SCO Group.
About
SCO
The SCO
Group (SCOXQ.PK) is a leading provider of UNIX software technology.
Headquartered in Lindon, Utah, SCO has a worldwide network of resellers and
developers. SCO Global Services provides reliable localized support and services
to partners and customers. For more information on SCO products and services,
visit www.sco.com. SCO and
the associated logos are trademarks or registered trademarks of The SCO Group,
Inc. in the U.S. and other countries.
Forward
Looking Statements
The
statements contained in this press release regarding (1) the Company’s plan of
reorganization and (2) the Company’s financing efforts are forward-looking
statements and are made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are based
on management’s current expectations and are subject to risks and uncertainties.
We wish to advise readers that a number of important factors could cause actual
results to differ materially from historical results or those anticipated in
such forward-looking statements. These factors include, but are not limited to,
outcomes and developments of our restructuring plan,outcomes and developments of
our Chapter 11 case, court rulings in our bankruptcy proceedings, the impact of
the bankruptcy proceedings on our other pending litigation, and our cash
balances and available cash. These and other factors that could cause actual
results to differ materially from those anticipated are discussed in more detail
in the Company’s periodic and current filings with the Securities and Exchange
Commission, including the Company’s Form 10-K for the fiscal year ended October
31, 2008, as amended, and future filings with the SEC. These forward-looking
statements speak only as of the date on which such statements are made, and the
Company undertakes no obligation to update such statements to reflect events or
circumstances arising after such date.
SOURCE
SCO Group
http://www.sco.com