OCZ Technologies has officially started the process of filing for bankruptcy. The company is currently is in receipt of “an offer from Toshiba Corporation to acquire substantially all of the Company’s assets.” The offer would transfer not just intellectual property to Toshiba but would also allow OCZ’s people to remain employed.

Consumer SSD pioneer OCZ Technologies has officially started the process of filing for bankruptcy. In a statement published this afternoon on Marketwatch, the company announced that this past Monday, November 25, its depository accounts were turned over to the control of Hercules Technology Growth Capital due to OCZ’s failure to comply with the conditions of a loan from Hercules. Per the loan agreement’s terms, OCZ has begun the bankruptcy process—with the goal of dissolution, not restructuring.