Newspaper article The Canadian Press

Troubled RIM Important to Canada but It Needs to Reorganize Itself: Flaherty: RIM Needs to Reorganize Itself: Flaherty

Newspaper article The Canadian Press

Troubled RIM Important to Canada but It Needs to Reorganize Itself: Flaherty: RIM Needs to Reorganize Itself: Flaherty

Article excerpt

ST. MARTINS, N.B. - Finance Minister Jim Flaherty says Research In Motion is an important company for Canada but suggests it won't get a bailout from the federal government.

RIM shares took a beating this week after the Waterloo, Ont.-based company announced Tuesday it hired two outside firms to advise on its troubled business and financial performance.

The company also projected an operating loss in the current quarter and warned it will cut staff throughout the year.

Amid fresh speculation that RIM (TSX:RIM) is a takeover target, Flaherty fielded questions today in St. Martins, N.B. about whether the Tories will bail out the troubled tech company.

Flaherty recognized RIM's leading role in research, development and innovation in Canada but stressed it needs to reorganize itself.

The minister says that's something the government expects RIM's leaders to do on their own.

When asked if he's willing to see the company become foreign owned, Flaherty said he wouldn't speculate and noted the government hasn't been "asked to review any proposal for RIM under the Investment Canada Act. …

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