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OCZ cancels auction, will seek approval of Toshiba stalking horse bid
By Caroline Salls
Pittsburgh, Jan. 14 - OCZ Technology Group, Inc. cancelled the Jan. 15 auction for substantially all of its assets after receiving no bids to compete with the offer submitted by stalking horse bidder Toshiba Corp., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, stalking horse bidder Toshiba Corp. has agreed to pay $35 million for the assets, minus a buyer advance amount.
The company said it will seek approval of the sale to Toshiba's designees at the sale hearing scheduled for Thursday.
Powertech Technology Inc. is the stalking horse bidder's designee for OCZ's manufacturing operations in Taiwan, and TAEC Acquisition Corp. is the designee for the remainder of the assets.
OCZ, a Sunnyvale, Calif.-based producer of computer memory and components, filed for bankruptcy on Dec. 2. The Chapter 11 case number is 13-13126.
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