New Investors For Blackberry

New Investors  For BlackberryThe struggling Smartphone maker BlackBerry is now being helped by a group of Canadian, American and Qatari investors to help finance Fairfax Financial Holding's planned $1 billion investment.

BlackBerry's largest shareholder Fairfax, announced the investment on Monday after its conditional offer to take BlackBerry private in a $4.7 billion deal had collapsed. Fairfax will invest $1 billion through debt securities that can be converted into common shares at $10 a share.

$2.3 billion is still available with the company in cash and it is also expecting a tax refund of $500 million to $1 billion from the Canadian government.

The money being pumped in is intended to help stabilize BlackBerry, which has already during its last fiscal quarter has used about $500 million of its cash holdings .  

BlackBerry on Monday discarded plans to sell itself and as an alternative opted to raise $1 billion by selling convertible notes to a group of investors.

John S. Chen, the former chief executive of Sybase is the second straight chief executive at Canada's most prominent technology company to receive a worthwhile pay package for what could be a short stint of work.

General: 
Companies: 
Region: