No BlackBerry bailout: Canadian government signals it won’t rescue firm

BlackBerry Canadian Government Intervention

If BlackBerry were an American company involved in selling synthetic collatoralized debt obligations, it would likely be in line for a plump government bailout right about now. But since it’s a Canadian firm that sells smartphones, it will apparently have to sink or swim on its own. In an interview with Bloomberg, Canadian industry minister James Moore signaled that his government would not intervene to keep BlackBerry afloat if it can’t find a way to keep itself in business after reviewing its strategic options. Moore said that while BlackBerry has long been a source of pride and jobs for Canadians, “it’s for them to engage the market and provide devices and services, platforms, content that the market will receive well” going forward.

Moore did emphasize that the Canadian government wanted BlackBerry to succeed since the company has been a critical part of the company’s tech sector.

“This is a Canadian company with a long track record of stirring up innovation and important changes in the products we all use,” he told Bloomberg. “They employ a great number of Canadians. It’s been a source of Canadian pride and we hope that they do well.”

Source:
Bloomberg
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