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Company becomes independent
Nortel becomes truly independent for the first time in its history as Bell Canada Enterprise distributes most of its ownership of Nortel to BCE shareholders. -
Nortel stock peaks
Nortel share prices reach a peak of $124.50. -
Frank Dunn promoted to CEO
John Roth leaves the company and career Nortel employee Frank Dunn is promoted from chief financial officer to succeed Roth.
(Chris Wattie/ Canadian Press) -
Terry Hungle resigns as chief financial officer
Frank Dunn, Nortel's president and CEO, is appointed acting chief financial officer in his stead. -
CEO Frank Dunn fired
Nortel fires Frank Dunn and chief financial officer Douglas Beatty after the company revealed 2003 profit was about half of what it previously reported. Former U.S. admiral Bill Owens appointed president and CEO. -
RCMP announces criminal probe
The force says it is launching an investigation into Nortel's accounting; charges are laid in 2008. -
New management changes made
Nortel appoints Bill Owens as vice-chairman; he retains his position as CEO. Other senior management changes are made, in the company's words, to "position Nortel for the future." (Adrian Wyld/ Canadian Press) -
Nortel appoints Mike Zafirovski president and CEO
Nortel appoints Mike Zafirovski president and CEO to replace Bill Owens, 65. (Sean Kilpatrick/Canadian Press) -
Shareholders' settle lawsuit
Nortel Networks agrees to pay $2.5 billion US in cash and stock to settle shareholders' class action lawsuit over accounting scandal. -
Tech giant announces restructuring plan
Nortel cuts 2,900 jobs in 2007 and 2008 as part of new restructuring deal. The company also decides to move 1,000 jobs to new low cost facilities. (Nathan Denette/ Canadian Press) -
SEC lays charges against former employees
The Securities and Exchange Commission lay charges against former CEO Frank Dunn and three other employees. -
Calgary plant closed as restructuring continues
Nortel decides to shut down the Westwinds Innovation Centre by 2009. The centre is one of many offices across the country to shut down as the company attempts to regain its foothold on the tech industry. -
Nortel files for bankruptcy protection
Nortel files for bankruptcy protection in Canada and the U.S., the day before $107 million loan payment is due. The telecommunication company says it has outstanding debts of $4.5 million but only $2.3 billion in cash. Its stock ratings go from CCC to D. -
More job cuts as company restructures
Nortel slashes 3,200 jobs around the world, on top of 1, 800 jobs already cut earlier. -
Company shares delisted
Toronto Stock exchange delists Nortel shares (Symbol: NT). The final price for the once mighty company was 18.5 cents per share ― a huge tumble from the company's peak of $124.50 back in 2000. (Andrew Wallace/ Reuters) (JONATHAN HAYWARD/ Canadian Press) -
U.S. to cover pensions of estimated 23,000 Nortel workers
The federal Pension Benefit Guaranty Corp. will cover an estimated $514 million shortfall in Nortel's defined-benefit pension plan, ensuring benefits for an estimated 23,000 workers in the U.S. Canada has no equivalent agency. -
Avaya Inc. buys part of Nortel
Avaya Inc. to pay $900 million for Nortel's Enterprise Solutions Business and shares of Nortel Government Solutions and DiamondWare. -
Nortel pensioners protest
Former Nortel employees protest at Queens Park in Toronto, calling on the Ontario and federal governments to underwrite pension benefits and severance pay jeopardized by the company's failure. (Adrian Wyld/Canadian Press) -
Quebec promises action for pensioners
The Quebec government says it will try to [protect ](www.cbc.ca/canada/montreal/story/2009/10/26/cp-nortel-pension-qc.html)the pensions of the province's 3,750 Nortel employees. -
Flaherty announces new pension reforms
Finance minister Jim Flaherty announces new pension regulations, but the reforms do not address the problems of workers and retirees at companies such as Nortel and Canwest, whose pensions are not federally regulated. -
JPMorgan & Chase Co. to hold Nortel sale proceeds
An Ontario judge rules that more than $1 billion in proceeds from the sale of Nortel divisions will be held by JPMorgan & Chase Co. until an agreement is reached about where proceeds should go. -
Nortel approves more exec raises
An internal corporate document obtained by CBC News shows that Nortel management approved a plan earlier in the fall of 2009 to give another round of raises to its top managers. (Rebecca Zandbergen/CBC)
