RIM hires law firm for restructuring plan

Research in Motion Ltd. has hired a law firm to draw up a restructuring plan that might include selling off assets or opening up part of its proprietary BlackBerry network to boost revenue, according to reports quoting unnamed insiders.

Milbank, Tweed, Hadley & McCloy LLP is no stranger to RIM sinceit has been hired by the Waterloo, Ont.-based mobile device company onother matters in the past. Neither firm has commented on the reports,the TorontoStarsaid.

RIM is looking for ways to generate up to $4 billion throughpartnerships with major telecom carriers as it continues tolosemarket share to Apple’s iPhone and Google’s Android operatingsystem,an anonymous source told the Star.The company is also consideringlicensing some of its patent portfolio, the source added.

It’s unclear if the new restructuring plan will include any of theproposals reportedly put forward by former co-CEO Jim Balsillie beforehe left. Those included allowing carriers to use BlackBerry messagingservices on all smartphones, sources said.

RIM is in the midst of some dramatic changes as it struggles to regainsome of its former glory. It introduceda low-cost smartphone in Indialast week for emerging markets, promoted Thorsten Heins to CEO early inthe New Year, and posted a $128-million loss for itsmost recentquarter.

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Jim Love, Chief Content Officer, IT World Canada

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