BlackBerry Ltd. (BBRY), the strugglingsmartphone maker, extended the deadline for its lenders to buyas much as $250 million in convertible debt, letting them seeits latest financial figures before making a decision.
The investors, including Fairfax Financial Holdings Ltd. (FFH),now have until Jan. 13 to commit to acquiring the debtinstruments, BlackBerry said yesterday in a statement. Thecompany reports fiscal third-quarter results on Dec. 20.
Fairfax and other lenders acquired $1 billion inconvertible debt last month, giving BlackBerry a chance at aturnaround after ceding market share to Apple Inc. and SamsungElectronics Co. The deal included the option for the investorsto acquire the additional debt later on.
BlackBerry, based in Waterloo, Ontario, slid 1 percent to$5.91 at the close yesterday in New York, before the extensionwas announced. The shares have dropped 50 percent this year.
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