- Five days after announcing it plans to file for bankruptcy and has received an asset purchase offer from Toshiba (OTCPK: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.