BlackBerry could pay $250 mln break fee in event of better offer -filing

Reuters

TORONTO, Nov 7 (Reuters) - BlackBerry Ltd will payup to $250 million to a group of debtors including Prem Watsa'sFairfax Financial Holdings if another deal succeeds,according to a regulatory filing on Thursday detailing the debtdeal.

The filing also showed that incoming interim chief executiveand executive chairman John Chen will receive a base salary of$1 million. Chen will also receive 13 million restricted stockunits, with half of them vesting only after five years with thecompany.

BlackBerry on Monday abandoned plans to sell itself andinstead opted to raise $1 billion by selling convertible notesto a group of investors. The company had said Fairfax, itslargest shareholder, was buying $250 million of the offering.

In the filing, BlackBerry said Canso Investment Counsel Ltdis buying $300 million, while Mackenzie Financial, Markel Corp, Qatar Holding, and Brookfield Asset Management, are buying the remainder.

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