OCZ has announced that it has received an approval from the United States Bankruptcy Court for the District of Delaware which allows its to sell its SSD assets to Toshiba.

According to details, the deal should be done within the next week and will allow OCZ's SSD brands of enterprise and consumer drivers to continue in full force thanks to an important leverage from Toshiba's financial strength and most importantly Toshiba's portfolio and supply of NAND flash memory chips.

"We are pleased by the court's approval as this business combination allows the company to continue to bring to market disruptive solid state storage technology. We are appreciative of all the support provided by our shareholders, creditors, and vendors which allowed this combination to occur," said Ralph Schmitt, CEO for OCZ Technology. "The OCZ team is excited to be a part of an innovative company like Toshiba where we can continue to develop new and unique SSD technologies that position the Company as a solid state solutions leader in both the client and enterprise storage markets."

OCZ also announced that the company is currently going through a bidding procedure for its power management business and the transaction should come to a close within next few weeks. OCZ is also expected to reveal details, or at least more information, regarding the acquisition of its SSD business by Toshiba pretty soon.

Source: OCZ.com.