December 19, 2013
Partner Eric R. Wilson, special counsel Jason R. Adams and associate Gilbert R. Saydah were mentioned in a Law360 article entitled “Bankrupt OCZ Tech Gets Nod For Jan. Auction.” The Kelley Drye team, which includes associate Jennifer D. Raviele, is serving as counsel to the Official Committee of Unsecured Creditors in In re: OCZ Technology Group Inc.
The December 19 article reports on bankruptcy proceedings surrounding the approval of “bidding procedures for computer drive maker OCZ Technology Group Inc., setting the stage for a Section 363 sale next month, with Toshiba Corp. in place as a $35 million stalking horse.”
According to the article, “U.S. Bankruptcy Judge Peter J. Walsh agreed to sign off on the proposed auction plan, which OCZ amended prior to the hearing in response to concerns that the original terms would scare off competing bidders. The revised procedures resolve objections from the U.S. trustee and the recently formed committee of unsecured creditors…”
As a result, “Prospective suitors will now have additional time to participate in the Section 363 sale, since the revised schedule eliminates a Jan. 6 qualification deadline and pushes the sale hearing back by two days…. Under the approved bid procedures, qualified offers are due by Jan. 13, with a sale hearing slated for Jan. 16.”
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