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

All News Categories

News for Past 12 Months

Subscribe to HWZ Here!

Subscribe now to receive latest tech news, articles and promotions straight to your inbox!
By signing up, you indicate that you have read and agreed to the and .

Obsessed with technology?
Subscribe to the latest tech news as well as exciting promotions from us and our partners!
By subscribing, you indicate that you have read & understood the SPH's Privacy Policy and PDPA Statement.