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

Law360, Wilmington (December 2, 2013, 10:34 PM EST) -- 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...
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.