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OCZ Filing for Bankruptcy

by on28 November 2013

Toshiba to pick up the pieces

According to the Wall Street Journal website, it appears that SSD manufacturer OCZ Technology is on it's way to filing for bankruptcy. OCZ announced today that that on earlier this week it had received notices that Hercules Technology Growth Capital, Inc. had taken control of their depository accounts at Silicon Valley Bank and Wells Fargo Bank.

An offer from Toshiba to acquire all of OCZ's assets in a bankruptcy proceeding is currently on the table, pending approval by the courts.  If the offer is not accepted by the courts, it can be expected for a petition for bankruptcy to be filed and liquidation of all assets to follow.

OCZ stock price has fallen close to 75% so far this year from a trading high of $10.94. At the close of the market on Wednesday, shares were priced at 16 cents.

Last modified on 28 November 2013
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