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$4.7bn rescue deal for Blackberry collapses

Blackberry have abandoned a planned $4.7 billion dollar deal to save the company.

It was announced in September that an agreement had been reached with Fairfax Financial Holdings for the rescue deal, but the falling smartphone maker have now confirmed that deal is off, and they will instead attempt to raise $1bn in cash with a debt issue. The company also announced that CEO Thorsten Heins has left his position, with John S Chen taking the position on an interim basis.

 

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