OCZ Files for Bankruptcy

OCZ Files for Bankruptcy

OCZ has always been amongst the top SSDs players in the market and late last year, they released the pretty awesome Vector. It was their first drive to use their own in-house developed Indilinx Barefoot 3 controller and although it was costly, it justified its high price with blistering performance. And just recently, they announced that they were refreshing the Vector with new 19nm NAND.

In June, we also outlined the company's intentions to only use its own in-house controller and also its plans to diversify its business by offering PSUs. Back then, we also learned that OCZ was not looking to license its controller technologies as it wants to maintain exclusivity.

Now, OCZ has just announced that it was filing for bankruptcy. This is following OCZ's failure to comply with the terms of its loan agreement with Hercules Technology Growth Capital, which has since taken control of the company's depository accounts in Silicon Valley and Wells Fargo Bank, National Association.

On the flip side, Toshiba has signaled its intent to purchase OCZ assets in the bankruptcy proceeding. It is reported that both parties have come to an agreement and all that remains is for the bankruptcy court to accept the offer as the best under current circumstances.

Source: Market Watch

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