OCZ filing for bankruptcy, receives asset purchase offer from Toshiba

|About: OCZ Technology Group Inc (OCZ)|By:, SA News Editor

OCZ states loan provider Hercules Technology Growth Capital (previous) has taken "exclusive control" of its accounts at multiple banks, due to the SSD vendor's failure to meet operating ratios and covenants in its loan agreement. (PR)

Toshiba (TOSBF) has offered to "acquire substantially all of [OCZ's] assets in a bankruptcy proceeding." The companies have "substantially completed negotiations on an asset purchase agreement," but the deal is still subject to various conditions, including the acceptance of Toshiba's offer by a bankruptcy court.

OCZ adds that if it isn't able to reach a final deal with Toshiba, it plans to "imminently file a petition for bankruptcy and liquidate."

Shares remain halted, but will resume trading at 2:30PM ET.