SCO sees revival

Lindon (UT) – SCO announced that it has secured a stunning $100 million in financing which will allow the company to reorganize, emerge from Chapter 11 and continue to pursue its legal claims.

Back in August, we weren’t the only ones who believed that SCO’s fate was pretty much sealed. Novell had won a key case against SCO and was set to drive into hopeless bankruptcy by demanding payments of as much as $17 million. Novell decided to be easy on SCO, which, however, did not prevent SCO from going into bankruptcy protection in September of last year.

There wasn’t much news about SCO since then, but today we learned that SCO has secured $100 million in financing from Stephen Norris Capital Partners (SNCP). The investment firm will take SCO private and restructure the firm to take it out of Chapter 11. SNCP apparently also has a business plan for SCO, which foresees new “product lines aimed at global customers”.

SCO said that the reorganization plan will also “enable the company to see SCO’s legal claims through to their full conclusion.”