News Posts matching "bankruptcy"

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2017's Weak VR/AR Demand May Burst VR Investment Bubble

Many research firms' numbers have shown that VR product sales in 2016 have been weaker than originally expected due to both high product costs and lack of content. No-one has yet seen VR's killer app, after all, and I know I'd love to see another Halo-like product to drive awareness on the VR platforms like it did on the original Xbox.

All of the above lead towards Google's Daydream View, HTC's Vive, Oculus Rift and Samsung Electronics' Gear VR having all achieved sales that are not even close to previously-set market expectations, with even the current mainstream poster-boy for VR, Sony's PSVR, showing adoption numbers that are as lowly as low can be. Even in their home-field, Japan, a country known for being filled with tech-savvy and tech-crazed customers, only 0.7% of the existing PS4 and PS4 Pro user-base has made the jump for a VR headset.

Zalman Denies Going Bankrupt

In the wake of Zalman's parent company Moneual getting in serious trouble over financial fraud, it was reported that Zalman is filing for bankruptcy protection. Over the weekend, Zalman's US office issued a statement, denying this. A company spokesperson for Zalman issued the following statement to the press.
I know that recently various media and other vendors are spreading rumors regarding Zalman going bankrupt over the recent scandals in Korea by our parent company Moneual. I wanted to assure you that these rumors of Zalman HQ going bankrupt are completely false. While our HQ is having some financial difficulties due to the recent troubles experienced by Moneual, Zalman is not going bankrupt.

Source: Tom's Hardware

Zalman Files for Bankruptcy for Major Financial Fraud by Parent Company

Popular PC cooling products maker Zalman filed for bankruptcy, in midst of a huge controversy by its parent company Moneual. Executives of Moneual cooked-up sales and export figures from Zalman to markets like the United States, in a bid to pick up large fraudulent loans for the company, which it could never pay off, pushing it to bankruptcy.

The controversy came to light, when a whistleblower former-employee of Moneual took these details to the press. It's alleged that CEO Harold Park (Hong-seok), Vice President Scott Park (Min-seok) and Vice President Won Duck-yeok committed a fraud, in which subsidiary Zalman would inflate its sales and export data, to qualify for large bank loans. The trio then used it to lift US $2.92 billion in loans, which the company could never pay back. Zalman has since filed for bankruptcy protection, with the Seoul Central District Court; while the three top Moneual executives, and 13 other mid-level ones, were arrested over allegations of export fraud.

Source: Futurelooks

OCZ Reaches Agreement With Toshiba to Acquire Solid State Drive Business

OCZ Technology Group, Inc., a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, today announced that the Company has signed an asset purchase agreement with Toshiba Corporation, a global technology leader and manufacturer of NAND flash memory, to acquire substantially all of OCZ's assets in a chapter 11 bankruptcy proceeding for $35M.

Under this agreement Toshiba will acquire OCZ's client and enterprise solid state drive business. OCZ will continue to operate and serve existing and future customers during this process. Toshiba has agreed to provide the Company with DIP (Debtor-in-Possession) financing to ensure that there is adequate capital and flash supply to support the business during the contemplated sale period. The consummation of the asset purchase agreement is subject to an auction and approval by the bankruptcy court in the Company's bankruptcy case.

OCZ Filing for Bankruptcy, Announces Offer from Toshiba to Purchase Assets

OCZ Technology Group, Inc., a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, today announced that on November 25, 2013, it received notices that Hercules Technology Growth Capital, Inc. ("Hercules") took exclusive control of the Company's depository accounts at Silicon Valley Bank and Wells Fargo Bank, National Association. As set forth in the Company's recent SEC filings, Hercules and the Company are parties to a loan and security agreement. As previously reported, the Company is not in compliance with certain of the operating ratios and covenants in the loan agreement. As a result of such action and pursuant to Hercules' written instruction, the depository institutions disbursed the cash in the Company's respective accounts to accounts under the control of Hercules.

The Company has received an offer from Toshiba Corporation to acquire substantially all of the Company's assets in a bankruptcy proceeding. The parties have substantially completed negotiations on an asset purchase agreement and OCZ believes that all the material terms have been agreed to.

SK Hynix Drops Out Of Race To Acquire Elpida

Japanese DRAM maker Elpida has been reporting chronic financial problems since the beginning of 2012. It soon filed for bankruptcy, driving interest in competitors Toshiba, Global Foundries, Micron and Hynix (SK Hynix), to acquire it. Hynix has now reportedly withdrawn from the Elpida takeover bid. The withdrawal is likely due to its own financial situation. Hynix is not the first to withdraw from the bid, the first to drop out was Toshiba. With the two gone, Micron Technology is next in line, with a bid of US $1.4 billion to buy out Elpida.

Source: HardwareInfo

In Wake Of SOPA Defeat and Rising Profits, IFPI Calls For 'SOPA Plus' Migraine Tablet

Yes, that's right, SOPA might have been set back for now, but the vested interests from the big media corporations (music/movies/news etc) that want it implemented unsurprisingly aren't sitting idle and are pushing for ever more draconian measures aka 'SOPA Plus'. A digital music report (PDF) asks for everything that was in the original SOPA and then some, with a wishlist of seven 'fixes':

Apple Emerges Victorious Against Psystar, But Have They Really Triumphed? (UPDATED)

In a court ruling on Wednesday 28th September 2011, Apple’s assertion that any kind of ‘Hackintosh’ was, is and always will be, illegal, was conclusively affirmed. This will bring great dismay to Psystar customers, potential purchasers of other “alternative Macs” and the many PC enthusiasts who want to run the latest Apple OS on the high-spec rigs they’ve built themselves from hand-picked components. This ruling has unfortunately sounded the death knell for enterprising and surprisingly plucky upstart outfit, Psystar, who showed what could be possible with an open mind and technical skill. UPDATE after the jump.

Qimonda Continues to Seek Investment, Production Put on Stand-by

Talks with potential investors regarding a solution to keep Qimonda in operation will continue beyond the end of March 2009. “Various investors have signaled their interest, but as yet there are no binding offers on the table. As anticipated, it will not be possible to reach a conclusive solution by the end of March,” announced preliminary insolvency administrator Dr. Michael Jaffé today after a meeting with the creditors committee.

The employees of the insolvent Qimonda AG and Qimonda Dresden OHG will be able to claim compensation by means of statutory insolvency payments until the end of March 2009. By the end of March, the bankruptcy court in Munich will also have received the preliminary insolvency administrator's report on the basis of which the court will make a decision on whether to open insolvency proceedings.

Spansion Files for Bankruptcy

Spansion Inc., the world's largest pure-play provider of Flash memory solutions, today filed a voluntary petition for reorganization under chapter 11 of the U.S. Bankruptcy Code as part of its strategy to strengthen its financial position and focus its business for long-term success. The company's strategic plan is designed to restructure its burdensome debt obligations and intensify its focus on market segments with greater profit potential. Each of Spansion's domestic subsidiaries also simultaneously filed chapter 11 petitions.
"Given our focus on Spansion's future, management and the Board have concluded that chapter 11 provides the most effective means for Spansion to preserve its business, meet its post-petition obligations and maintain customer confidence and continuity while we complete this restructuring," said President and CEO John Kispert. "At the same time we will continue to explore opportunities for a strategic transaction to ensure that we are doing all we can to maximize value for our stakeholders."
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