BlackBerry Presenter RIM Signing Up Decree Set for Streamlining
After continuous loss in mobile trading due to some or other reason, BlackBerry presenter, Research In Motion (RIM) is now planning to sign up a decree set for streamlining its products. The law set includes Milbank, Tweed, Hadley &McCloy LLP to work upon the reconstructing plan counting sufficient selling resources, looking joint business enterprises or providing license for official documents- unveiled the sources.
The source also revealed that a discussion was set by RIM Ltd. in the meeting regarding 10 OS of BlackBerry and consequent antidote network launch. There was a time when RIM was expected to add around $4 billion to its firm as revenue by dealing with major mobile operators and telecom carriers. Now is the time when the same company is struggling hard to gather bits of revenue. The plan for streamlining the BlackBerry handsets becomes effective when the firm will manage to attract the customers towards its product, leaving behind the products of Apple iPhones and Google Inc’s Adroid software based smartphones.
The strategy for streamlining, however, has been considered as very mature step to be taken by the company to move ahead in the race. Loss made by RIM in the recent division of the year is marked around $125 million. Total revenue even dropped in last three months due to its below-presenting PlayBook launch. Concluding all, the firm has faced 75 per cent of total loss for last 12 months and now, the market value of the Canadian company is below $7 billion. Milbank representatives and RIM denied uttering any word to this.
Many of the bankers are grooving around RIM Co. to provide financial advices but seems like the company is not in mood to hire any bankers as for now. RIM will definitely hire bankers only when the firm will be able to sell of its various assets or else, in case any other company approaches to take over the firm, as confirmed the sources. Nevertheless, RIM was in association with Mibank for long period of time, few times back and thus, keeps hold of decree set Skadden, Arps, Slate, Meagher & Flom LLP. Moreover, the firm also checked with Monitor Group for strategic counsel.
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