Toshiba Scoops Up OCZ After No Other Bids Appear

Law360, New York (January 14, 2014, 7:30 PM ET) -- Bankrupt computer-drive maker OCZ Technology Group Inc. is set to be sold to Toshiba Corp. for $35 million after a deadline passed and no competing offers were made, according to a filing in Delaware bankruptcy court Tuesday.

California-based OCZ entered court protection Dec. 2 after bringing Toshiba on board as a stalking horse bidder and post-petition lender, a deal that rescued the cash-strapped company from the brink of liquidation. OCZ attorneys will appear in court Thursday to seek final approval of the sale.

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