| ||Thread Tools|
|29th November 2013, 07:42||#1|
Join Date: May 2010
OCZ runs out of cash
OCZ has proven that all is not well in the SSD market by managing itself into bankruptcy.
One of the bright spots of the downturn was that SSDs had done well as every tablet in the land needed one.
However, OCZ's bank accounts had been taken over by Hercules Technology Growth Capital, because the company had not paid back a loan.
OCZ did not comply with certain of the operating ratios and covenants in the loan agreement and the banks gave them all the company's savings.
Toshiba, upon hearing of the company's woes, agreed to all of the company's assets in a bankruptcy proceeding. OCZ and Tosh have now completed negotiations on an asset purchase agreement.
Under the deal employees will all keep their jobs, but the company will have to file for bankruptcy. Of course Toshiba's offer has to be accepted by the bankruptcy court, and this is by no means a done deal.
If the company is not able to agree to final documentation with Toshiba, the Company expects to imminently file a petition for bankruptcy and liquidate.
|Thread||Thread Starter||Forum||Replies||Last Post|
|Sailfish runs Android applications, runs on Android devices||Stefan Mileschin||WebNews||0||17th September 2013 07:53|
|Icahn has more cash to buy Dell||Stefan Mileschin||WebNews||0||3rd July 2013 06:41|
|Music Industry Wants Cash Instead of ISP Disconnections||Stefan Mileschin||WebNews||0||29th January 2013 09:07|
|UK still loves Huawei's cash||Stefan Mileschin||WebNews||0||13th December 2012 06:50|
|Fusion-io gets shedloads of cash||jmke||WebNews||0||8th April 2009 21:22|
|Intel takes aim at AMD’s cash cow||jmke||WebNews||0||16th April 2008 15:43|
|Dell to Pay Former CEO Rollins $48.5M in Cash||Sidney||WebNews||1||9th August 2007 18:58|
|Cash Box case mod||jmke||WebNews||0||11th June 2006 10:52|
|AMD FX-62 on AM2 runs at 2.8 GHz||jmke||WebNews||0||9th May 2006 11:09|
|Free Cash Giveaway||Sidney||WebNews||0||24th September 2005 03:06|