OCZ Technology Group: Court approves $35 million asset sale to Toshiba

By Lisa Kerner

Charlotte, N.C., Jan. 16 - OCZ Technology Group, Inc.'s sale of its assets to stalking horse bidder Toshiba Corp. for $35 million, minus a buyer advance amount, was approved, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company canceled its Jan. 15 auction for substantially all of its assets after receiving no bids to compete with the offer submitted by Toshiba.

Powertech Technology Inc. is Toshiba'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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