The Canadian phone company Blackberry called of bids for the company being on sale last Monday after hiring a new CEO after the former executive Thorsten Heins stepped down last Monday.

The company's share price after the event dove down 16 percent resulting to the cut down in the business.

"BlackBerry is hemorrhaging employees, it is hemorrhaging customers. The only thing that's growing is doubt," said John Stephenson, a senior vice president at First Asset Investment Management and one of BlackBerry's disgruntled investors.

Investor Fairfax Financial Holdings Ltd. among others reportedly gave $1 billion to cover the company's debt.

"BlackBerry is confident that it has run a robust strategic alternatives review process. The board believes that the deal outlined today was the best proposal, and in the best interest of its shareholders," spokesman for the phone company said.

Analysts however say that the company needs to start rebuilding soon to take back the profits they loss this past few months of struggle.

"Fairfax's investment will buy the company some time, which it badly needs, but the company needs a new strategy more than ever," said Jan Dawson, Ovum's chief telecoms analyst.

With interim John Chen, who turned around Sybase Inc. in the 1990s, said he knows how to put Blackberry back on top and make the company stronger in just six quarters

"I'm doing this for the long term. I'm going to rebuild this company," said the new chief executive of the phone company. "I know we have enough ingredients to build a long-term sustainable business. I've done this before and seen the same movie before."

Long time friend and Sybase colleague of Chen, Willie Jow, told reports how the new executive addressed the issue of the company through its workers.

"The first thing he did coming on board was to gain trust with customers and calm them down," said Willie Jow. "Everybody was staying 'Why should I stay with you? Why shouldn't I leave right away?' He answered the tough questions one by one."