Breaking: Blackberry no longer selling iself

Breaking: Blackberry no longer selling iself
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Published November 4th, 2013 - 16:42 GMT via SyndiGate.info

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Last month alone, Blackberry reported a second-quarter net loss of $965m  (Pictured: Blackberry Z10)
Last month alone, Blackberry reported a second-quarter net loss of $965m (Pictured: Blackberry Z10)
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Fairfax Financial Holdings
,
Blackberry
,
Reuters
,
Sybase
,
John Chen
,
Barbara Stymiest
,
Thorsten Heins

Blackberry is no longer planning to sell  itself to for $4.7 biilion to its biggest shareholder, Fairfax Financial Holdings.

Instead, the struggling  smartphones giant is hoping to  secure $1billion in  financing.

 Thorsten Heins will step down as CEO and former Sybase chief executive John Chen will serve as interim chief executive.

Last month, Blackberry reported a second-quarter net loss of $965m. 

The plan, announced last month, is no longer taking off. Last week, Reuters reported that Fairfax was struggling to raise the financing needed for the deal.

"This financing provides an immediate cash injection on terms favourable to Blackberry, enhancing our substantial cash position," said Barbara Stymiest, chair of Blackberry's board of directors.

In September, the company announced a plan to cut 4,500 jobs, or 40% of its workforce, due to its inability to stay afloat otherwise. 

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© 2013 Al Bawaba (Albawaba.com)

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