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The situation up in Waterloo is reportedly so dire that Fairfax Financial Holdings, which made a $4.7 billion buyout bid for BlackBerry in September, is finding it difficult to raise the funds necessary to complete the deal. According to a Reuters report, the banks tapped by Fairfax to raise funds are apprehensive to get involved because of BlackBerry’s bleak future; seemingly none of the banks have confidence the once great mobile giant will be able to turn its fortunes around.

Fairfax’s Prem Watsa has been working closely with Bank of America Merrill Lynch and BMO Capital Markets in an effort to secure a deal, but several large lenders have turned any potential deal down. Right now, Watsa has until Nov. 4 to negotiate an agreement; other potential bids also have a Nov. 4 deadline, so time is certainly of the essence. This week, a report claimed Qualcomm and BlackBerry co-founders were interested in making a bid for the company.

Faith in the flailing Waterloo company, it seems, is at an all-time low, to the point where a buyout no longer seems like a sound investment. After announcing it was open to any and all offers, BlackBerry has reportedly courted such companies as Google, Facebook and even Samsung, but nothing has materialized as of yet. With Nov. 4 just days away, it doesn’t appear like anything of substance will go through.

A Fairfax deal is still possible, though it’s sounding increasingly unlikely an agreement will be met by Monday. In any case, we’ll keep an eye out to see what breaks when the Nov. 4 date hits. Will BlackBerry soon be under new ownership? That’s the question we’ll hopefully get an answer to real soon.

Source Reuters