OCZ Technology Hits Ch. 11, Plans $35M Sale To Toshiba

Law360, Wilmington (December 02, 2013, 10:34 PM ET) -- Computer drive maker OCZ Technology Group Inc. filed for Chapter 11 in Delaware bankruptcy court Monday, with the California-based company aiming to sell substantially all its assets to Toshiba Corp. for $35 million.

Headquartered in San Jose, OCZ's bankruptcy petition listed approximately $34.1 million in assets against $65.5 million in debts, as of Oct. 31.

Joined by wholly owned subsidiaries Indilinx Inc. and Sanrad Inc., OCZ sought Chapter 11 in the face of a cash crunch caused by a combination of litigation expenses and rising production...
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