The SCO Group announced that they filed for Chapter 11 of the United States Bankruptcy Code.

"We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations," said Darl McBride, President and CEO, The SCO Group. "Chapter 11 reorganization provides the Company with an opportunity to protect its assets during this time while focusing on building our future plans." The Linux community sure is happy about this news. SCO sued several commercial Linux companies including IBM. SCO's whole legal drama is described in this Wikipedia entry.

Chapter 11 does not mean the end for SCO just yet.
More details on the SCO Group site.