After failing to comply with the terms of its loan, SSD manufacturer OCZ Technologies has now filed for bankruptcy. The company will be dissolved, and not restructured, according to the conditions set out by loan owner Hercules Technology Growth Capital. Before this, OCZ was not doing well and had taken up a loan from Hercules at a steep 15 percent interest rate.
Besides solid state drives, the company produces power supply units. It previously used to make RAM chips but discontinued that due to the weakening global DRAM market.
The company also has an offer from Toshiba Corporation to acquire all of the company's assets. If accepted, besides OCZ's intellectual property, current employees will also be able to keep their jobs.
If the bankruptcy court rejects the offer, OCZ will then have no choice but to be liquidated.
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