OCZ selling assets to Toshiba for $35M, shares -34.6% AH

|About: Toshiba Corp. (TOSBF)|By:, SA News Editor

Five days after announcing it plans to file for bankruptcy and has received an asset purchase offer from Toshiba (TOSBF), OCZ says it has "signed an asset purchase agreement" through which the Japanese conglomerate will "acquire substantially all of OCZ's assets in a chapter 11 bankruptcy proceeding for $35M." (PR)

Toshiba will gain control of OCZ's SSD ops, as well as its SSD controllers, software, and firmware. OCZ will receive debtor-in-possession financing to support its operations during the bankruptcy process.

The sale, which remains subject to bankruptcy auction proceedings and court approval, is expected to close within 60 days.