*Update*

The Oracle Calendar Service is back online.
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Previous Description (2011-03-21 10:55:47):

*Update*

A hardware failure on the Oracle Calendar server has been addressed.

The service will remain offline for most of the business day as a consistency check of the data is required before the application can come back online. This consistency check may take up to five hours to complete due to the large amount of historical data stored in the database.
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Previous Description (2011-03-21 07:29:39):

an overnight process to restart oracle calendar has failed
to complete. a hardware failure is being investigated.