Today's Hard|Forum Post
Today's Hard|Forum Post

Tuesday February 11, 2014

OCZ Power Supply Division Sold to Firepower Technology

On February 7, 2014, ZCO Liquidating Corporation (the "Company") completed the sale of certain assets of the Company and certain of its wholly-owned subsidiaries (the "Power Supply Assets"), mainly consisting of its power supply and power management assets, to Firepower Technology, Inc., a Delaware corporation ("Firepower"). The sale was completed pursuant to an Asset Purchase Agreement (the "Agreement"), dated February 4, 2014, between the Company and Firepower and was subject to Sections 105 and 363 of Chapter 11 of Title 11 of the United States Bankruptcy Code, including a marketing process.

The Agreement provided for consideration to be paid by Firepower in the form of assumption of obligations and payment in cash to the Company of an aggregate of $850,000. The Company anticipates that the net proceeds from the sale of the Power Supply Assets will be used principally to pay the claims of the Company’s creditors. The Company does not expect that any assets will be available for distribution to stockholders.