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OCZ filing for bankruptcy, receives asset purchase offer from Toshiba

  • 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.
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Comments (3)
  • Stock Market Mike
    , contributor
    Comments (2273) | Send Message
     
    Interesting. My puts might be worth something. I guess we'll see.

     

    Toshiba is a good fit for OCZ's assets. They already have storage (NAND and HDDs) covered - controller IP complements them nicely.
    27 Nov 2013, 02:37 PM Reply Like
  • fastwalker
    , contributor
    Comments (3) | Send Message
     
    So what happens if I hold on to my shares and toshiba buys out OCZs assets
    27 Nov 2013, 02:53 PM Reply Like
  • Stock Market Mike
    , contributor
    Comments (2273) | Send Message
     
    They likely drop further in value, since HTGC seized a bunch of OCZ's assets and finances, and Toshiba will likely be buying those assets from HTGC - not OCZ?
    29 Nov 2013, 01:22 PM Reply Like
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