SCO asks for more time to reorganise

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."

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