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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (4760)	1/14/2009 9:07:08 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 6370

NT - A history of failure. CHRONOLOGY-Key dates in the history of Nortel Wed Jan 14, 2009 8:46am EST Email \| Print \| Share\| Reprints \| Jan 14 (Reuters) - Nortel Networks Corp (NT.TO)(NT.N), North America's biggest maker of telephone equipment, filed for bankruptcy protection in the United States on Wednesday, a day before it was due to make a $107 million interest payment. Here are some key dates in the company's history: May 1, 2000 - BCE Inc (BCE.TO), Canada's biggest telecommunications group, completes spinoff to shareholders of 35 percent stake in Nortel, worth about C$88.5 billion ($75.6 billion) Feb. 15, 2001 - Nortel cuts 2001 earnings and sales forecast in half, blaming severe erosion in U.S. economic conditions. The warning triggers a 33 percent drop in its stock and brings class-action lawsuits. May 29, 2002 - Nortel plans to cut 3,500 jobs and sell more assets as it pares its revenue forecast. June 4 - Nortel shares collapse to decade-long lows on concerns a new financing will further dilute its stock. Cash-hungry Nortel raises $1.49 billion June 7. Oct. 23, 2003 - Nortel reports a quarterly profit, but says it will restate results going back to 2000. March 15, 2004 - Nortel says it will likely restate results for a second time and delay filing its annual report. April 5 - The U.S. Securities and Exchange Commission launches a formal investigation into Nortel's accounting June 29 - Nortel exits manufacturing business, sells plants to Flextronics International, transfers 2,500 staff. Sept. 30 - Nortel cuts almost 10 percent of its staff, 3,250 jobs, and vacates offices worldwide. Jan. 11, 2005 - Nortel restates its results and says 12 senior executives will repay $8.6 million of bonuses. Oct. 17 - Motorola's No. 2 executive, Mike Zafirovski, is appointed CEO, promising renewed growth and focus. Feb. 8, 2006 - Nortel says it will pay $2.47 billion to settle two class-action suits from its accounting scandal. Feb. 7, 2007 - Nortel slashes 3,900 jobs and shifts 1,000 positions to lower-cost locations such as China and India. Oct. 15 - Nortel pays $35 million to settle civil charges filed by the SEC related to its accounting scandal. Feb. 27, 2008 - Nortel says it will cut 2,100 jobs as it faces persistently slow demand for its products. Sept. 17, 2008 - Nortel cuts revenue forecast, plans another round of restructuring and the sale of its Metro Ethernet Networks business. It says it may also look for a partner to develop fourth-generation wireless technology. Nov. 10 - Nortel announces 1,300 layoffs, a freeze on salary increases and a review of its real-estate portfolio after posting a $3.4 billion quarterly loss. Jan. 14, 2009 - Nortel files for Chapter 11 bankruptcy protection in the United States ($1=$1.22 Canadian) (Reporting by Wojtek Dabrowski; )