OCZ Technology says to file for bankruptcy

(Reuters) - Solid-state hard drive maker OCZ Technology Group Inc said it would file for bankruptcy and that it had received an offer from Toshiba Corp to buy its assets in a bankruptcy proceeding. OCZ said on Wednesday it has "substantially completed" negotiations with Toshiba on an asset purchase agreement. The company said it expected to file a petition for bankruptcy shortly after completing final documentation with Toshiba and Hercules Technology Growth Capital Inc, one of its lenders. The company said it had received notices that Hercules had taken control of its depository accounts at Silicon Valley Bank and Wells Fargo Bank, National Association as it was not in compliance with a loan agreement.



via Tech News Headlines - Yahoo! News http://news.yahoo.com/ocz-technology-says-file-bankruptcy-192854013--sector.html