An about-face from Canada’s troubled smartphone maker this morning.

Blackberry has announced it is no longer looking for buyers. And its chief executive officer is leaving.

Today was the day that Fairfax Financial was supposed to confirm its offer to buy Blackberry for $4.7-billion. Fairfax says it is withdrawing its offer. Instead, it will lead a group that will provide the company with a billion dollars of debt.

Thorston Heins took over the reins of Blackberry last year. His tenure was marred by the tepid reception to the company’s new Q10 smartphone. His departure coincides with a shuffling of the company’s board of directors.

News of the announcement sent BlackBerry shares plunging 18 per cent in pre-market trade.