Categories: Uncategorized

For Sale: One RIM Corporate Jet

Research In Motion Ltd. (RIM), which has lost 95 percent of its market value since 2008, is selling one of its two business jets under a plan to save $1 billion in operating costs, two people with knowledge of the matter told Bloomberg.

The jet sale is part of a plan aimed at saving RIM $1 billion in annual operating expenses that also includes slashing 5,000 jobs from company payrolls. Some RIM employees are also being asked to work six days a week and forfeit vacation time. Bloomberg calculates that the corporate jet RIM is trying to sell will save the company only around $2.1 million in operating costs, although Bill de Decker, the founder of business jet consulting firm Conklin & de Decker, tells Bloomberg that selling off such corporate assets are necessary to keep employee morale high in the midst of job cuts. “With corporate aviation, the symbolism far outweighs the dollars,” he said.

“We’re looking at options with both our aircraft costs and finding ways to reduce our travel while still making sure we keep in close contact with our partners around the world,” Waterloo, Ontario-based RIM said in a statement in response to inquiries from Bloomberg. “It’s all part of the effort to find ways to reduce costs and drive efficiencies that Thorsten Heins has talked about.”

Source: Bloomberg

Prateek Panda

Prateek is the Founder of TheTechPanda. He's passionate about technology startups and entrepreneurship and enjoys speaking to new founders every day. Prateek has also been consistently regarded as one of the top marketing experts in the region.

Recent Posts

Transforming green finance for Indian SMEs: The AI & Fintech revolution in rural development

The financial industry is undergoing a remarkable evolution as the confluence of technology and sustainability…

2 days ago

Trump victory sends Bitcoin soaring: What do crypto experts say?

As Donald Trump makes a comeback in the US elections, breaking many Democrat hearts across…

3 days ago

Banking on network security: Fortifying banking networks against advanced persistent threats

Imagine a major bank with millions of customers, processing transactions every minute. Everything appears secure,…

3 days ago

The role of AI-driven platforms in facilitating blue-collar manpower placement in the Middle East

The Middle East's rapid economic transformation is reshaping its workforce dynamics, particularly in the blue-collar…

3 days ago

India’s first-ever carbon dioxide removal credits from industrial biochar under Puro.Earth

Varaha, Indian carbon removal company, issued durable carbon dioxide removal (CDR) credits from industrial biochar…

5 days ago

M&A: The art of the deal

The Tech Panda takes a look at recent mergers and acquisitions within various tech ecosystems…

5 days ago