OCZ Filing for Bankruptcy, Toshiba to Purchase Assets

Big news this week.  OCZ is filing for bankruptcy with their assets being purchased by Toshiba.  It is hard to imagine that OCZ started out as a overclocking reseller who would take stock video cards and tweak the BIOS to increase the clock speed.  With that they also added custom coolers and basically started the factory overclocking movement.  A short time later the company went under with the name being purchased by a memory company.

Not many people know this but OCZ started in Idaho.  Of course that information has since been purged from the google results.

Shares of solid-state drive technology vendor OCZ Technology Group (OCZ) remain frozen since 9 am, Eastern this morning, and the reason came across the transom just a short while ago: The company has received an offer from Toshiba (6502JP) to purchase all the company’s assets in a bankruptcy proceeding.

OCZ said it believes all the “material terms have been agreed to,” though there are a number of conditions that have to be satisfied, such as retention of employees. OCZ would file for bankruptcy right after agreeing to a deal, but it would also file even if it doesn’t reach agreement with Toshiba, it said.

I am glad to see that the company will remain intact during the buyout which means that current products will continue to be sold, at least until Toshiba figures out what stays and what goes.

Related Web URL: http://blogs.barrons.com/techtraderdaily/2013/11/2...