Printed from http://www.electronista.com

Chip manufacturer OCZ filing for bankruptcy, financial assets seized

updated 03:26 pm EST, Wed November 27, 2013

Company has failed to repay 15 percent interest loan to financial group

Solid state drive manufacturer OCZ Technlogy is filing for bankruptcy, with Hercules Technology Growth Capital having taken control of its accounts at Silicon Valley Bank and Wells Fargo. The company has received an offer from Toshiba to buy its assets and intellectual properties in a bankruptcy proceeding.

Since entering the memory market in 2002, OCZ targeted its products primarily at the computer hardware enthusiast market, first producing performance DDR RAM, video cards, USB drives, and various cooling products. OCZ now produces solid state drives and power supplies. OCZ maintains satellite offices in The Netherlands, United Kingdom, and Israel along with manufacturing and logistics facilities in Taiwan.

2013 saw OCZ's revenue fall steeply from $88.6 million in the second fiscal quarter of 2012 to $33.5 million in the second fiscal quarter of 2013, while financial losses increased. The company took a loan from Hercules at 15 percent early in 2013. OCZ is expected to file the paperwork for bankruptcy after more negotiations with Toshiba and Hercules.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

  1. Spheric Harlot

    Clinically Insane

    Joined: 11-07-99

    Well, ****.

    Less competition as the storage market consolidates.

    Bad news.

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Razer Kraken Pro headset

Gaming headphones are a challenge to get right, for a long list of reasons that are unique to the consumer buying them. Some shoppers ...

Patriot Aero Wireless Mobile Drive

Regardless of how large a tablet you buy, you always want more space. There's always one more movie or another album you'd cram on, if ...

Patriot Fuel+ 6000 and 9000mAh batteries

Mobile device batteries are better than they used to be, but there's always a scenario where users could use more juice. Upgrade manuf ...

Sponsor

toggle

Most Commented

 
toggle

Popular News