Wednesday, November 27th 2013

OCZ Filing for Bankruptcy, Announces Offer from Toshiba to Purchase Assets

OCZ Technology Group, Inc., a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, today announced that on November 25, 2013, it received notices that Hercules Technology Growth Capital, Inc. ("Hercules") took exclusive control of the Company's depository accounts at Silicon Valley Bank and Wells Fargo Bank, National Association. As set forth in the Company's recent SEC filings, Hercules and the Company are parties to a loan and security agreement. As previously reported, the Company 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 the Company's respective accounts to accounts under the control of Hercules.

The Company has received an offer from Toshiba Corporation 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 the Company 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. The Company 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 the Company files its petition for bankruptcy.

If the Company is not able to agree to final documentation with Toshiba, the Company expects to imminently file a petition for bankruptcy and liquidate.
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59 Comments on OCZ Filing for Bankruptcy, Announces Offer from Toshiba to Purchase Assets

#51
ensabrenoir
FreedomEclipseToshiba SSDs are actually pretty good compared to all the others. they only real gripe they've had is that their SSDs look boring but hardly a valid complaint when youre going to put it inside your laptop or PC where you cant see it. I think TPU did a review of one.

Hard drive wise - Im using 4 of their 3TB drives. been around 2-3 months so far and no issues yet.
point taken...... cant knock them for their ssds. At work however i did have to exchange about six of their laptops due to a battery/ charging issue. That made me a little leery
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#52
Peter1986C
JeffredoActually, my favorite product of theirs was OCZ Freeze Extreme. Best TIM I've ever used. Unfortunately they discontinued it after only a few years on the market.
I remember having one tube of that. It was good, but I could no longer get it anywhere once that tube was used fully.
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#53
FreedomEclipse
~Technological Technocrat~
ensabrenoirpoint taken...... cant knock them for their ssds. At work however i did have to exchange about six of their laptops due to a battery/ charging issue. That made me a little leery
Different company (and different department) bro.

Toshiba HDDs are mainly made by Hitachi who are in-turn owned by Western Digital but still allowed to trade under the Toshiba/Hitachi name (go figure)
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#54
Thrackan
Finally, the worlds worst PC component company is gone.
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#55
Mussels
Freshwater Moderator
tis sad. when i started off as a reviewer, OCZ were the only ones to send stuff to an aussie.


OCZ modXstream PSU's, DDR1 600MHz! ram, flash drives... hell even a T-shirt that i'm actually wearing right now out of random chance




Ryan (the CEO) and Mia (my marketing contact) were both a massive help and very friendly and definitely willing to listen to advice - more than a few times i saw my feedback listened to in their next products (example: the stealthXstreme PSU, after i and probably many others were blinded by the superbright LED's in the modXstreme series)
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#56
micropage7
Too bad, OCZ is one of well known company but i hope toshiba woulddo better with their technology
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#57
shovenose
As a business owner myself it's hard to see another business go down, but honestly I'm glad. 99% of their products were overpriced overhyped junk, including their RAM, most of their SSDs, and most of their HDDs.
Posted on Reply
#58
LAN_deRf_HA
JeffredoActually, my favorite product of theirs was OCZ Freeze Extreme. Best TIM I've ever used. Unfortunately they discontinued it after only a few years on the market.
Try Gelid GC-extreme. I switched to it from OCZ Freeze after it disappeared. Same consistency and performance, and I've seen some people saying it's actually the same stuff. It also says tpu recommended on the package haha.
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#59
Jeffredo
Thanks Lan. I only have about two uses left in my OCZ Freeze tube, so I'll pick up a tube of the Gelid.
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