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Quotes & Info
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| SCOXQ.PK > SEC Filings for SCOXQ.PK > Form 8-K on 19-Oct-2009 | All Recent SEC Filings |
19-Oct-2009
Change in Directors or Principal Officers, Other Events, Financial Statements and E
On October 14, 2009, The SCO Group, Inc., ("SCO", "us", "we"or the "Company") announced that the Company has eliminated the Chief Executive Officer and President positions and consequently terminated Darl McBride. The current management team comprised of Chief Operating Officer, Jeff Hunsaker, Chief Financial Officer, Ken Nielsen and General Counsel, Ryan Tibbitts, along with the rest of the management team will continue to work closely with the Chapter 11 Trustee and his advisors.
SCO also announced a restructuring plan following an analysis of the company's operations and cost structure undertaken by Chapter 11 Trustee, Edward Cahn and his advisors. The Company is also looking to raise additional funding and sell non-core assets to bolster working capital.
Forward Looking Statements
The statements contained in this Form 8-K regarding (1) the Company's plan of reorganization and (2) the Company's financing efforts are forward-looking statements and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks and uncertainties. We wish to advise readers that a number of important factors could cause actual results to differ materially from historical results or those anticipated in such forward-looking statements. These factors include, but are not limited to, outcomes and developments of our restructuring plan,outcomes and developments of our Chapter 11 case, court rulings in our bankruptcy proceedings, the impact of the bankruptcy proceedings on our other pending litigation, and our cash balances and available cash. These and other factors that could cause actual results to differ materially from those anticipated are discussed in more detail in the Company's periodic and current filings with the Securities and Exchange Commission, including the Company's Form 10-K for the fiscal year ended October 31, 2008, as amended, and future filings with the SEC. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date.
(d) Exhibits
99.1 Press release issued by The SCO Group, Inc., dated October 16, 2009
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