OCZ Filing for Bankruptcy

Discussion in 'Frontpage news' started by Clouseau, Nov 27, 2013.

  1. Clouseau

    Clouseau Ancient Guru

    Messages:
    2,643
    Likes Received:
    379
    GPU:
    ASUS STRIX GTX 1080
    OCZ Filing for Bankruptcy, Announces Offer From Toshiba to Purchase Assets



    SAN JOSE, CA -- (Marketwired) -- 11/27/13 -- OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, today announced that on November 25, 2013, it received notices that Hercules Technology Growth Capital, Inc. ("Hercules") took exclusive control of the Company's depository accounts at Silicon Valley Bank and Wells Fargo Bank, National Association. As set forth in the Company's recent SEC filings, Hercules and the Company are parties to a loan and security agreement. As previously reported, the Company is not in compliance with certain of the operating ratios and covenants in the loan agreement. As a result of such action and pursuant to Hercules' written instruction, the depository institutions disbursed the cash in the Company's respective accounts to accounts under the control of Hercules.

    The Company has received an offer from Toshiba Corporation to acquire substantially all of the Company's assets in a bankruptcy proceeding. The parties have substantially completed negotiations on an asset purchase agreement and OCZ believes that all the material terms have been agreed to. The agreement is subject to various conditions: the preservation of the value of the business, including the retention of employees, the negotiation and execution of definitive documentation, the filing of bankruptcy petitions by the Company and certain of its subsidiaries, Toshiba's offer being accepted by the bankruptcy court as the highest and best offer under the circumstances after an auction process conducted under the relevant provisions of the United States Bankruptcy Code, and other customary closing conditions. The Company expects to file a petition for bankruptcy shortly after completing final documentation with Toshiba and Hercules, and to conduct the court-supervised auction process to attempt to maximize the value of the Company's assets and operations in an orderly process. More details will become available when the Company files its petition for bankruptcy.

    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.

    Forward-Looking Statements

    Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of OCZ Technology Group, Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will," "would," "expect," "anticipate," "should" or other similar words and phrases often identify forward-looking statements made on behalf of OCZ. It is important to note that actual results of OCZ may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to successfully completing definitive documentation with Toshiba and Hercules, subject to the company's ability to preserve value and retain employees, a successful conclusion of the court-supervised auction process and the Other general economic, business and financing conditions and factors are described in more detail in "Item 1A -- Risk Factors" in Part I in OCZ's Annual Report on Form 10-K filed with the SEC on October 7, 2013, and statements made in other subsequent filings. The filing is available both at www.sec.gov as well as via OCZ's website at www.ocz.com. OCZ does not undertake to update its forward-looking statements.

    OCZ Press Contact:
    Scott Harlin
    Director of Marketing Communications
    (408) 440-3484
    sharlin@ocztechnology.com

    OCZ Investor Relations Contact:
    Bonnie Mott
    Senior Manager of Investor Relations
    (408) 440-3428
    bmott@ocztechnology.com

    Source: OCZ Technology Group, Inc.

    Released November 27, 2013
     
  2. IcE

    IcE Don Snow Staff Member

    Messages:
    10,693
    Likes Received:
    73
    GPU:
    Zotac GTX 1070 Mini
    Lol, good riddance. Nothing they make anymore is worth buying.
     
  3. eclap

    eclap Banned

    Messages:
    31,497
    Likes Received:
    3
    GPU:
    Palit GR 1080 2000/11000
    vertex finished them off I guess
     
  4. tsunami231

    tsunami231 Ancient Guru

    Messages:
    11,220
    Likes Received:
    738
    GPU:
    EVGA 1070Ti Black
    I thought they filled for bankruptcy a few years back? I only ever had OCZ value Vista ram was the one and only thing I ever bought from them. While that ram worked, it was it wasnt even close to be good set of ram
     

  5. Loophole35

    Loophole35 Ancient Guru

    Messages:
    9,784
    Likes Received:
    1,135
    GPU:
    EVGA 1080ti SC
    Funny because my vertex 3 has been a great SSD.
     
  6. Uncle Dude

    Uncle Dude Ancient Guru

    Messages:
    2,312
    Likes Received:
    5
    GPU:
    GTX 1080 Ti
    Same here, two years on.
     
  7. eclap

    eclap Banned

    Messages:
    31,497
    Likes Received:
    3
    GPU:
    Palit GR 1080 2000/11000
    shhh you killjoys.
     
  8. PhazeDelta1

    PhazeDelta1 Moderator Staff Member

    Messages:
    15,616
    Likes Received:
    14
    GPU:
    EVGA 1080 FTW
    Buying all those tech companies didn't help matters either and this could have been avoided. I can't complain though, my Vertex 4 and Vector SSDs are on a short list of favorites.
     
  9. Icanium

    Icanium Ancient Guru

    Messages:
    1,558
    Likes Received:
    91
    GPU:
    MSI GTX1080ti GamX
    I resolved years ago to never again buy OCZ products.
     
  10. Ghosty

    Ghosty Ancient Guru

    Messages:
    5,616
    Likes Received:
    172
    GPU:
    Vega 3
    My Vertex 3 and Agility 3 SSD's are great, never had any problems with them in over a year.
     

  11. BLEH!

    BLEH! Ancient Guru

    Messages:
    6,034
    Likes Received:
    133
    GPU:
    Sapphire Fury
    Vertex 4 has been fine.
     
  12. IcE

    IcE Don Snow Staff Member

    Messages:
    10,693
    Likes Received:
    73
    GPU:
    Zotac GTX 1070 Mini
    Yeah, my Vertex 3 was fine too. Honestly, the real problem here is that OCZ let their memory business slip into nothingness and relied entirely on SSD sales. The problem lies in the fact that they don't have access to their own memory fab. I suspect OCZ won't be the last of the "independent" SSD makers that go out of business or have to change their strategy entirely. Samsung, Toshiba, and Sandisk are starting to push everyone else out of the market.
     
  13. Neo Cyrus

    Neo Cyrus Ancient Guru

    Messages:
    9,608
    Likes Received:
    511
    GPU:
    Asus TUF 3080 OC
    ^

    Some of the worst products I've ever had. Oddly enough though the Vertex 3 I have has had no real issues so far.

    Edit: It seems I'm not the only one who's Vertex didn't blow up.
     
  14. Elder III

    Elder III Ancient Guru

    Messages:
    3,716
    Likes Received:
    323
    GPU:
    6900 XT Nitro+ 16GB
    I have 3 Vertex 2s of which 2 are still good and an Agility 3 that is running great. I've had a number of their PSUs with zero problems at all. Back in the DDR2 days I used a fair bit of their RAM too, with no problems. Their DDR3 RAM on the other hand, was a failure.
     
  15. Skyline1010

    Skyline1010 Master Guru

    Messages:
    588
    Likes Received:
    0
    GPU:
    Gigabyte 650Ti Boost
    OCZ lost my business a loooong time ago. The only products of theirs I've had have failed pretty hard.
     

  16. dcx_badass

    dcx_badass Ancient Guru

    Messages:
    9,978
    Likes Received:
    1
    GPU:
    Palit GTX 1060 6GB
    I just bought three Vertex 2 refurbs. I know how bad they are, but it was 100GB for £20 and 60GB for £10. So I got 100GB for me just for games so makes no difference if it dies, and the other two for family who only use machines for web use and office etc I warned them about the reliability so they're just going to backup. For the price though I'd have been silly not to.

    Full price I'd never buy them due to all the issues. Although my PSU has been good, SSD wise, they've got a bad rep.
     
  17. Agent-A01

    Agent-A01 Ancient Guru

    Messages:
    11,397
    Likes Received:
    921
    GPU:
    1080Ti H20
    Ive had at least a dozen OCZ ssds without issues. Have used 4 different ones in RAID 0 on my gaming PC with ZERO issues. People hate just cause they can. :rolleyes:
     
  18. WildStyle

    WildStyle Ancient Guru

    Messages:
    15,307
    Likes Received:
    18
    GPU:
    MSI GTX 970
    It's a bit of a shame, they have made some interesting products such as the DDR booster which was excellent for Winbond BH-5 ICs, the original Powerstream PSU with adjustable rails, the OCZ EB Plat that John had causing havoc on his NF2 board but worked well on the NF3 I seem to remember? Was that Micron -5b c or d I can't remember.

    And their bleedinedge forums were really useful for memory related stuff, Ryder knew a lot and then Tony Bigtoe used to modify BIOS for the DFI nForce boards.
     
  19. danfim

    danfim Master Guru

    Messages:
    394
    Likes Received:
    0
    GPU:
    MSI GTX 980
    I bought a 700W PSU from them that died in a short time... Didn't realise they were dying though, their SSDs have been good.
     
  20. Illnino

    Illnino Master Guru

    Messages:
    603
    Likes Received:
    0
    GPU:
    XFX 290x EK H20
    Sad really, kinda saw the slide after they closed thier RAM division and even after they acquired PC Power & Cooling (quality PSU) they didnt really follow that up that well either. At least they tried to be a little innovative in the SSD market going away from Sandforce and using Barefoot but alas they couldn't really get that going either....

    EDIT: I had one faulty set of their DDR2 and the other set overlocked like a beast. I still own Vertex 3......RIP OCZ lol
     
    Last edited: Nov 28, 2013

Share This Page