Toshiba Scoops Up OCZ After No Other Bids Appear

Law360, New York (January 14, 2014, 7:30 PM EST) -- 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.

To fund the...
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.