Timeline: Key dates in Nortel's history

Staff writer
24 Jul 2009
00:00
Sep 1998Company changes name to Nortel Networks from Northern Telecom.
Jul, 2000Stock reaches a high of C$124.5, giving Nortel a market cap of more than $250 billion.
Oct, 2000Stock drops about 20% after company misses revenue target.
Nov, 2000CFO Frank Dunn promoted CEO, succeeding John Roth
Feb, 2001Issues profit and earnings warning and cutting 10,000 employees. The warning triggers a 33% drop in its stock.
May 29, 2002Announces plans to cut 3,500 jobs and sell more assets.
Jul 17, 2002Appoints Douglas Beatty as new CFO.
Oct 23, 2003

Reports a quarterly profit, but says it will restate its financial results going back to 2000.

Jan 29, 2004Announces net earning of $732 million for 2003 - first annual profit since 1997.
Mar 15, 2004

Delays audited financials for 2003, discloses it may further. restate prior results.

Apr 5, 2004SEC launches investigation into Nortel's accounting.
Apr 28, 2004Fires CEO Frank Dunn, CFO Douglas Beatty and corporate controller Michael Gollogly. William Owens becomes new president and CEO.
Jun 29, 2004Sells manufacturing operations and activities to Flextronics.
Aug 16, 2004

Royal Canadian Mounted Police announces criminal probe into Nortel's accounting.

Sep 30, 2004Cuts 3,250 jobs and vacates offices worldwide.
Jan 11, 2005

Restates its results, appoints chief ethnics and compliance officer and says 12 senior executives will voluntarily repay $8.6 million of bonuses.

Sep, 2005Delays 2003 audited results to end of October, the first of several delays.
Oct 17, 2005Appoints former Motorola executive Mike Zafirovski to replace Owen as president and CEO.
Feb 8, 2006Agrees to pay $2.5 billion in cash and stock to settle shareholders' class action lawsuit over accounting scandal.
Sep, 2006Sells 3G/UMTS business to Alcatel for $320 million, transfers 1700 jobs.
Feb 7, 2007Announces restructuring, to cut another 2,900 jobs globally in 2007 and 2008 and to shift 1000 positions to lower-cost locations.
Mar 14, 2007SEC files civil charges against four former Nortel executives, including ex-CEO Frank Dunn. Ontario Securities Commission alleges misconduct and negligence.
Oct 15, 2007Pays $35 million to settle civil fraud charges filed by the Securities and Exchange Commission.
June 11, 2008Nortel and Alvarion form a Wimax joint venture.
June 19, 2008Royal Canadian Mounted Police charges ex-CEO Frank Dunn, ex-CFO Douglas Beatty and former corporate controller Michael Gollogly with criminal fraud related to their activities in 2002 and 2003.
Nov 10, 2008Nortel posts a third-quarter loss of $3.41 billion and announces plan to slash 1,300 more jobs.
Jan 14, 2009Files for Chapter 11 bankruptcy protection in the US
Jan 29, 2009Exits mobile Wimax business and discontinues joint venture with Alvarion
Feb 25, 2009Cuts 3,200 jobs worldwide.
May 11, 2009Widens Q1 loss to $507m as revenue drops 37%
May 27, 2009Seeks buyer for stake in the LG-Nortel joint venture.
June 19, 2009

Enters into a "stalking horse" asset sale agreement with Nokia Siemens Networks for the sale of its CDMA business and LTE access assets for $650m.

June 28, 2009Creditors and suppliers file objections to Nortel's sale of wireless assets to NSN.
July 20, 2009Agrees to sell enterprise solutions business to Avaya for $475m.
July 25, 2009Selects Ericsson as successful bidder for CDMA business and LTE access assets

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