Fairfax Financial Holdings’ bid to take BlackBerry private may have failed but the company along with other institutional investors will invest US$1 billion into the beleaguered smartphone manufacturer in the form of convertible debentures. These will be convertible into common shares of BlackBerry at a price of US$10.00 per common share, a significant premium over the current stock’s value (and […]
Company restructuring
BlackBerry CEO to leave as Fairfax deal dies
Today was to have been the day that Fairfax Financial Holdings turned BlackBerry into a private company if a better offer did not come. Not only did the offer not come but the Fairfax deal has also died as the company could not raise the necessary funds. Not only that but BlackBerry has now decided not to sell itself, putting […]
Mobilicity given until December 20 to find buyer
Mobilicity today got more time from Ontario courts to find itself a buyer. Already under protection from creditors under Canada’s Companies’ Creditors Arrangement Act (CCAA), Justice Frank Newbould of the Ontario Superior Court of Justice extended the protection period until December 20. It had been set to expire on October 30. The company requested the extension as it works to […]
HTC CEO to focus more on product development
It is no secret that HTC has been struggling of late. It just recorded its first operational loss since going public back in 2002 and many have been calling for the company’s CEO, Peter Chou, to step down. A report today may not satisfy those calls but it does show that HTC is ready to try something a little different […]
Intel closes Waterloo office
BlackBerry announced just days go that it had laid off 300 people in Waterloo. Now comes word from Intel that it is closing its Waterloo software development office as well, affecting 18 people. The move appears unrelated to BlackBerry’s decisions. In a statement, Intel Canada explained: “The decision was made after a comprehensive review by Intel Corp. of our current […]
BlackBerry to close Halifax office and cut 350 jobs
BlackBerry earlier this week confirmed that it was cutting some 300 jobs in the Waterloo area. It today announced the upcoming closure of its office in Halifax on January 10, 2014. This will cut a further 350 jobs, most of these in the technical support area. In a statement, BlackBerry said: “We know that our employees in the Halifax area […]
BlackBerry lays off 300 in Waterloo
The first layoffs related to BlackBerry’s decision to cut some 4,500 jobs by the end of its fiscal year are taking place this week. According to The Financial Post, some 300 employees in the Waterloo region will lose their jobs this week. BlackBerry confirmed the move in an emailed statement: “As previously mentioned, we are in a period of transition […]
BlackBerry looking to sell Waterloo office space
BlackBerry’s recent announcement that it will cut some 4,500 additional jobs (along with a loss of nearly US$1 billion in its latest quarter) in the coming weeks and months will affect not only those being let go but also the Kitchener-Waterloo real estate market. BlackBerry owns more than 20 buildings in the area and leases another 6. The job cuts mean that […]