Friday, November 27, 2015
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
NSA's Phone Surveillance Program Changes
Lenovo and Razer Partner to Make Gaming PCs
LG Display Makes Huge Investment in OLED Panels
Sony To Bring Remote Play Feature To PS4
MINIX NEO U1 Media Hub for Android Coming Next Week
Samsung Joins Audi’s Progressive SemiConductor Program
German ISPs May Block Music-sharing Sites: court
Study Says HTTPS Certificate and SSH Key Reuse Endangers Millions of Devices Worldwide
Active Discussions
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 Home > News > PC Parts > OCZ To ...
Last 7 Days News : SU MO TU WE TH FR SA All News

Wednesday, November 27, 2013
OCZ To File for Bankruptcy, Toshiba To Purchase Its Assets

SSD maker OCZ Technology said it would file for bankruptcy and that it had received an offer from Toshiba to buy its assets in a bankruptcy proceeding.

The SSD maker took a loan from Hercules Technology Growth Capital at 15 percent early in 2013. However, it failed to comply with the terms of its loan agreement with Hercules Technology Growth Capital, which has already taken control of OCZ's depository accounts at Silicon Valley Bank and Wells Fargo Bank, National Association.

OCZ said it has received an offer from Toshiba to acquire substantially all of its assets in a bankruptcy proceeding. The two companies have "substantially completed" negotiations on an asset purchase agreement and OCZ believes that all the material terms have been agreed to.

The agreement is subject to various conditions: the preservation of the value of the business, including the retention of employees, the negotiation and execution of definitive documentation, the filing of bankruptcy petitions by OCZ and certain of its subsidiaries, Toshiba's offer being accepted by the bankruptcy court as the highest and best offer under the circumstances after an auction process conducted under the relevant provisions of the United States Bankruptcy Code, and other customary closing conditions.

OCZ said it expected to file a petition for bankruptcy shortly after completing final documentation with Toshiba and Hercules Technology Growth Capital Inc.

If the Toshiba deal falls through, OCZ will continue with bankruptcy proceedings and liquidate its assets.

OCZ has been battling a shortage of NAND flash memory chips, used in solid state drives, for about a year.

The company said in August it had retained Deutsche Bank AG to help it evaluate strategic options. OCZ had also said it would amend its loan and security agreement with Hercules as the company did not meet certain covenants.

OCZ was also hit by an investigation by U.S. regulators into its accounting practices last year.

Toshiba Unveils 7mm Slim SSHD        All News        Scythe Introduces the Ashura Shadow Anniversary Edition Cooler
Toshiba Unveils 7mm Slim SSHD     PC Parts News      Scythe Introduces the Ashura Shadow Anniversary Edition Cooler

Get RSS feed Easy Print E-Mail this Message

Related News
OCZ Adds Storage Intelligence To Saber 1000 SSDs
OCZ Releases Value-Oriented Trion 100 SSD Series with TLC NAND Flash
OCZ TLC-based Trion 100 SATA Client SSDs and Z-Drive 6300 NVMe Add-In-Card Coming At Computex 2015
New OCZ Z-Drive 6000 Enterprise PCIe SSD Series Come With NVMe Support
OCZ Adds 2 TB Variant To Its Intrepid 3000 Enterprise SSD Series
OCZ Vector 180 SSD And New SSD Guru Management Tool Released
OCZ Storage Solutions Addresses Enterprise and Consumer Solid State Drive Market at CeBIT
OCZ to Unveil New JetExpress SSD Controller at CES 2015
OCZ Introduces New Saber 1000 Series SATA SSDs For Enterprises
New OCZ Vertex 460A Comes Armed With 19nm NAND
OCZ Releases The More Affordable ARC 100 SSD Series
OCZ Storage Solutions Launches New ZD-XL SQL Accelerator

Most Popular News
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .