RIM hires law firm for restructuring plan
BlackBerry maker, Research In Motion, has hired a high-profile American law firm to help the struggling company, according to a report from Reuters.
The law firm Milbank, Tweed, Hadley and McCloy will work on a restructuring plan for RIM that could include selling assets, seeking joint ventures or finding other licensing patents for new products.
As part of the struggling Canadian smartphone maker's strategic review, the RIM board is discussing ways to boost revenue from its new BlackBerry 10 operating system and possibly opening up its proprietary network, the sources said.
These efforts come as the Canadian telecom giant tries to recover from customer losses to Apple's iPhone and Google's smartphone software.
RIM posted a $125-million loss in its most recent quarter as it wrote down BlackBerry inventories. It took an even larger hit on its underperforming PlayBook tablet computers three months earlier. RIM's stock has plunged 75 per cent in the past 12 months, giving the company a market value under $7-billion.
Representatives for Milbank and RIM declined to comment.