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Reuters: RIM hiring law firm to lead restructuring, asset sales being considered

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BlackBerry maker RIM has reportedly hired a law firm to lead a restructuring effort that could see it sell off patents and assets.

BlackBerry logo CES stock (1020)
BlackBerry logo CES stock (1020)

We'd heard earlier this week that RIM was hiring a pair of banks to lead efforts to license the BlackBerry OS platform, but things may be a bit more dire than that. Reuters reports that the company has retained the services of law firm Milbank, Tweed, Hadley & McCloy LLP to lead a broad restructuring effort — and the sale of RIM assets and the licensing of its patents are on the table. According to the report, the company is considering both options alongside possible joint ventures and the aforementioned OS licensing. It's said to be part of RIM's efforts to find new means to generate revenue, an issue that Waterloo has been attempting to fix for quite some time now, but has become even more pressing in the wake of its last earnings call. Reuters also notes that several investment banks have approached the beleaguered company in recent months to serve as its financial advisor, but RIM is reportedly still holding out until it decides it truly needs to go through with any sell-offs — or is approached by a competitor looking to take over the company.