SNCP Asks For New Deal, Delaying SCO's Ch. 11 Plan

Law360, New York (April 8, 2008, 12:00 AM EDT) -- Bankrupt software company SCO Group Inc. has withdrawn its reorganization plan and put its Chapter 11 exit plan on hold, after a private equity firm said it was changing its plans to buy SCO's stock and underwrite its ongoing trademark and licensing litigation.

Stephen Norris Capital Partners LLC had previously agreed to buy $5 million in new SCO stock and lend the company $95 million to continue operations and the lawsuit over Unix rights that drove it into bankruptcy in the first place.

But at a...
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