Toshiba Corp. and OCZ Technology Group on Friday announced that the United States Bankruptcy Court for the District of Delaware had approved the agreement under which Toshiba will take over substantially all of OCZ assets. OCZ Technology Group will continue to search for a buyer of its PC Power & Cooling division.
"We are pleased by the court's approval as this business combination allows the company to continue to bring to market disruptive solid state storage technology. We are appreciative of all the support provided by our shareholders, creditors, and vendors which allowed this combination to occur," said Ralph Schmitt, chief executive officer of OCZ Technology.
The transaction is expected to close within the next week, subject to the satisfaction or waiver of other customary closing conditions under the asset purchase agreement. With this asset purchase, the popular OCZ SSD brand supporting a complete portfolio of enterprise and consumer drives continues in full force leveraged by Toshiba's financial strength and its portfolio of NAND flash memory.
"The OCZ team is excited to be a part of an innovative company like Toshiba where we can continue to develop new and unique SSD technologies that position the Company as a solid state solutions leader in both the client and enterprise storage markets," added Mr. Schmitt.
OCZ Technology Group is also in the process of going through a bidding procedure for the power management business (which operates as PC Power & Cooling company, a part of OCZ Technology Group) and expects to close a transaction within the next few weeks.
OCZ filed for bankruptcy in late November following insufficient NAND flash supply, troubles with SEC regarding accounting, lack of cash and dropping sales.