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OCZ to file for bankruptcy and gets ready to be Liquidated - OCZ to file for bankruptcy and gets ready to be Liquidated
Fri, Nov 29 2013 | 6:34PM | Filed under: Business / Industry| PermaLink Posted by: STAFF

Digitimes reports that: "OCZ Technology, which specializes in providing high-performance solid state drives (SSDs) for computing devices and systems, has announced that on November 25, 2013, it received notices that Hercules Technology Growth Capital took exclusive control of the company's depository accounts at Silicon Valley Bank and Wells Fargo Bank, National Association. As set forth in OCZ's recent SEC filings, Hercules and OCZ are parties to a loan and security agreement.

As previously reported, OCZ is not in compliance with certain of the operating ratios and covenants in the loan agreement. As a result of such action and pursuant to Hercules' written instruction, the depository institutions disbursed the cash in OCZ's respective accounts to accounts under the control of Hercules.

OCZ has received an offer from Toshiba to acquire substantially all of the company's assets in a bankruptcy proceeding. The parties 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 US Bankruptcy Code, and other customary closing conditions.

OCZ expects to file a petition for bankruptcy shortly after completing final documentation with Toshiba and Hercules, and to conduct the court-supervised auction process to attempt to maximize the value of the company's assets and operations in an orderly process. More details will become available when OCZ files its petition for bankruptcy.

OCZ also indicated if the company is not able to agree to final documentation with Toshiba, OCZ expects to imminently file a petition for bankruptcy and liquidate. "


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