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Former OCZ Technology gets approval for $6.5 million claim settlement
By Kali Hays
New York, April 8 - ZCO Liquidating Corp., formerly known as OCZ Technology Group Inc., obtained approval of its settlement agreement with Hercules Technology Growth Capital Inc. and the unsecured creditors committee resolving a $6.5 million claim, according to a Tuesday order with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the agreement allows Hercules one claim of $25,000 related to its non-subordinated pre-bankruptcy senior loan, and it will repay a $125,000 senior lender first-lien payoff and a $200,000 challenge reserve.
The $6.5 million subordinated pre-bankruptcy claim will be allowed but subordinated to all other claims.
A liquidation trust in the minimum amount of $325,000 will also be funded if ZCO's liquidation plan is confirmed, and Hercules agreed to support ZCO's plan upon solicitation.
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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