The company has petitioned a Delaware bankruptcy court for a 90-day extension of its businesses reorganisation, which has already seen key staff leave in droves.
SCO's request comes despite the company receiving a US$100m cash injection from venture capitalists.
"The debtors and [private equity firm] Stephen Norris Capital Partners have been working to modify the financial structure of the Plan in order to, among other things, improve its debt/equity ratio," reads the court papers (PDF).
"The parties continue to make good faith progress towards improving the structure of the transaction.
"The 90-day extension will provide the necessary time to negotiate and prepare adequate information to amend the Plan and revise the Disclosure Statement, including the definitive documents required for the transaction."
SCO asks for more time to reorganise
By Iain Thomson on May 14, 2008 8:11AM