Toshiba Offer Might Protect OCZ Tech From Liquidation

Law360, New York (November 27, 2013, 9:29 PM EST) -- OCZ Technology Group Inc. might avoid liquidation thanks to an offer from Toshiba Corp. to snap up the computer drive provider and its assets through bankruptcy proceedings, the company said Wednesday.

The tech company learned Nov. 25 that Hercules Technology Growth Capital Inc. took control of its accounts at Silicon Valley Bank and Wells Fargo Bank NA after OCZ defaulted on a loan, according to a statement.

OCZ and Toshiba have completed the majority of negotiations for the asset purchase agreement through a stalking horse bid...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.