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The company, which filed for Chapter 11 bankruptcy protection in September 2007, has asked bankruptcy court judge to approve an auction for its Mobility Assets mobile line and OpenServer business. The auction will help the company obtain operating funds and attract investment, according to court documents. The auction is also seen as a way to help the company emerge from bankruptcy protection.
"There's an open auction taking place for our UNIX and mobile assets (which) would then allow for the SCO group to satisfy creditors and shareholders," Jeff Hunsaker, president and chief operating officer of SCO Operations, said in an interview. "Then those (auctioned) assets would go forward with the new company as a privately run organization."
Hunsaker declined to name the investment groups that expressed interest in the company's assets.
SCO's 2007 bankruptcy filing came after a court rejected its copyright claims over the UNIX operating system.
The auction is intended to separate the core product business from the legal defense of the intellectual property rights, ensuring that future revenue from the OpenServer and mobile businesses stays with those assets.
SCO's intellectual property unit would continue operations separately from the auctioned units, Hunsaker said.
Lindon, Utah-based SCO said the amended reorganization plan was subject to bankruptcy court approval. A hearing is scheduled for Feb. 25.
The case is In re The SCO Group, US Bankruptcy Court, District of Delaware, No.07-11337.
(Reporting by Chelsea Emery; Editing by Lisa Von Ahn and Andre Grenon) Keywords: SCOGROUP/ (chelsea.emery@thomsonreuters.com; +1 646 223 6115; Reuters Messaging: chelsea.emery.reuters.com@reuters.net)
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