Hope for the rescue of Blackberry was raised today after it announced plans for an injection of $1bn into the company by a consortium of institutional investors led by Fairfax Financial Holdings Limited.
Fairfax is a financial services holding company said to place premium on maximisation of profit.
According to media reports, the Fairfax consotium will acquire $250 million dollars in US Debentures.
The transaction, expected to be wrapped up within two weeks, on one hand raised hopes for the troubled Canadian smartphone maker, which has been loosing a substantial part of the mobile phone market to Apple and Samsung.
On the other hand, the news was not enough to save their shares from falling as it confirms the break-down of discussion for an earlier £4.3bn buy-out.
Blackberry's shares opened today at $6.52 a the New York Stock Exchange, below yesterday's closing price of £7.77. It has been fluctuating since then and, at the time of filing this report, stopped at $6.80.
But the latest development may well represent a much needed lifeline for the smart phone maker.
* Twitter: @bensonagoha.
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