OCZ Technology Gets Interim Nod For $23.5M DIP

Law360, Wilmington (December 4, 2013, 3:49 PM EST) -- A Delaware bankruptcy judge blessed a slate of first-day motions for OCZ Technology Group Inc. on Wednesday, including approval of a $23.5 million debtor-in-possession financing package that will keep the computer drive maker running as it pursues a Section 363 sale with stalking horse bidder Toshiba Corp.

U.S. Bankruptcy Judge Peter J. Walsh signed off on the interim DIP order, which makes $21 million available immediately, at a hearing in Wilmington after resolving several outstanding issues raised by the U.S. trustee's office.

The funding is "absolutely...
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