BlackBerry has given up trying to sell itself on the open market, instead turning to debt sale to keep the doors open.
The company said that rather than bid for the company, Fairfax Financial will lead a group of investors pouring $1 billion into the troubled handset maker with its CEO Prem Watsa, becoming lead director. Former Sybase CEO John Chen will serve as interim CEO and executive chairman once the investment is completed, which BlackBerry said should be within the next two weeks.