BACK TO PCSTATS Follow PCSTATS on Facebook PCSTATS RSS Feed PCSTATS Twitter Feed + Motherboards
+ Videocards
+ Memory
+ Beginners Guides
News & Advanced Search  Feedback?
[X]   Directory of
Guides & Reviews
The PCstats Forums

Beginners Guides
Weekly Newsletter
Archived Newsletters


Seagate Backup Plus Slim External USB 3.0 2TB Hard Drive Review

OCZ to file for bankruptcy and gets ready to be Liquidated - PCSTATS.com 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. "

You do software updates to get the most from favourite programs right? Updating a motherboard BIOS can in a timely manner is also critical. The guide to Flashing a Motherboard BIOS spells out the often complicated steps in plain english. PCSTATS Tips

FULL STORY @ DIGITIMES

Recent News in Business / Industry
Quanta Computer denies reported layoffs May 4
Macrium online store Apr 27
Apple's MacBook Update Falls Flat Apr 22
Gigabyte reports revenues for March 2016 Apr 14
Motherboard makers expected to see 10% sequential drops in 2Q16 Mar 28
AMD, Nvidia gearing up for virtual reality business opportunity Mar 24
Graphics card market in decline Mar 11
Foxconn Technology sees February revenues decline Mar 11
Asustek to push breakeven for tablet business in 2016 Mar 11
Asustek lowers 2016 target global smartphone shipments Feb 22
more...

News Categories
Audio / Sound Beginners Guides Benchmarks
Biometrics BIOS Business / Industry
Cases Chipset Computer / SFF PCs
Cooling / Heatsinks CPU / Processors Digital Cameras
Drivers Editorial Games
Gossip Hard Drives Hardware
Home Theatre Imaging Memory
Mobile Devices Monitors Motherboards
Mouse Pads MP3 Players Networking
Notebooks Operating System Optical Drives
Overclocking Peripherals Power Supply
Press Release Printers Servers
Site News Software Tips
Tradeshows / Events Video Cards Web News
   Looking for something a little farther back? Try PCstats News Archives: 1999 - present
   05 / 05 / 2016 | 7:48PM
Hardware Sections 


google
 
PCSTATS Network Features Information About Us Contact
FrostyTech
TransmetaZone
BeginnersPC
PCSTATS Newsletter
PCSTATS Forums
ShoppingList Assistance
Tech Glossary
Technology WebSite Listings
PermaLink News
Archived News
Submit News (Review RSS Feed)
Site Map
PCstats Wallpaper
About Us
Employment
Privacy Policy
Advertise on PCSTATS

How's Our Driving?
© Copyright 1999-2016 www.pcstats.com All rights reserved. Privacy policy and Terms of Use.