BlackBerry secures $1bn through debentures

BlackBerry has reportedly secured 1 billion dollars in funds after completing debentures which would help the sinking smartphone manufacturer to keep running in the industry.

BlackBerry has completed the convertible-debenture financing that with Prem Watsa's Fairfax Financial and other institutional investors.

According to AllThingsD, the funds, part of a deal that is much-diminished from the 4.7 billion dollar buyout Fairfax proposed in September, but was unable to close, will keep BlackBerry running as it struggles to rebuild itself after calamitous losses.

The company is moving forth with a massive restructuring under which it will lay off around 4,500 employees globally, of which, 200 have been already sacked at its US headquarters in Irving, Texas, a week ago.

The company's spokesman Adam Emery said that BlackBerry is in a period of transition and must focus on enhancing its financial results to be in a better position to compete in this current mobile environment.

BlackBerry is seen struggling to hold its share in the competitive smartphone industry led by Samsung and Apple, and the company is now headed for an acquisition and a possible change from mobile business.