This is a chapter 7, dissolution, not a chapter 11 restructuring. Assets to be sold, likely to Toshiba.
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.
I expect more of these from other vendors. SSD space has been needing a consolidation for a while. STEC purchased by WD, Smart by Sandisk has removed most of the high end of the market from the startup side. Pliant was grabbed by Sandisk previously. Whom else remains?
On the low-midrange of the market, you have Intel, Micron, and a few others. I would expect to hear more about acquisitions or liquidation/sale of assets pretty soon.