Reuters: RIM Hires Law Firms For Restructuring

Posted on Apr 21 2012 - 1:47pm by Editorial Staff

With the earlier news surrounded the web that the troubled BlackBerry maker Research In Motion was interviewing financial advisers. Reuters reports that the company has retained the services of law firm Milbank, Tweed, Hadley & McCloy LLP to lead a broad restructuring effort – include selling assets, seeking joint ventures or licensing patents. The publication “sources” said that the company was hoping to add as much as $4 billion in revenue from deals with major telecom carriers. “This is a very mature strategy and RIM was very far down the road with a lot of those discussions with carriers,” one of the sources added.

The company last month had announced its revenue for the fourth quarter of fiscal 2012 was $4.2 billion, down 19% from $5.2 billion in the previous quarter and down 25% from $5.6 billion in the same quarter of fiscal 2011.  The revenue breakdown for the quarter was approximately 68% for hardware, 27% for service and 5% for software and other revenue.  During the quarter, RIM shipped approximately 11.1 million BlackBerry smartphones and over 500,000 BlackBerry PlayBook tablets.

(Image Source: RIM logo, Featured Image)

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