In February we learned that investors were bailing SCO Group out of bankruptcy to take the company private. Tuesday, IT Jungle's Timothy Prickett Morgan reported that the company has submitted its Chapter 11 reorganization plan to the U.S. Bankruptcy Court for the District of Delaware.
If it is accepted, the plan calls for Stephen Norris & Co. Capital Partners to "pay all of SCO's outstanding secured creditors in cash ... and distribute cash for SCO's shares to current shareholders." The court is expected to hear the issues on April 2.
Once the new SCO emerges from reorganization, Stephen Norris & Co. will bring in four directors of the seven that will make up the company's board, as well as appoint a chief executive. Shareholders will vote on the remaining three directors, the story says. The company will then go about its business, which is expected to include paying off remaining debt, selling its products and pursuing its patent litigation against IBM, Red Hat and Novell.
On the dearth of details as to how the new SCO will operate, Morgan points to the fact that the company's user conference will no longer be open to the public and says simply, "Private company. None of your business. Get it?"