Key dates in the history of Nortel
(Reuters) - Nortel Networks Corp, North America's biggest maker of telephone equipment, announced sweeping cost cuts on Monday that include another 1,300 layoffs after posting a $3.4 billion loss in its latest quarter.
The company said the rapidly deteriorating economic environment has prompted customers to further reduce spending on its products.
Here are some key dates in the company's history:
May 1, 2000 - BCE Inc, Canada's biggest telecommunications group, completes spinoff to shareholders of 35 percent stake in Nortel, worth about C$88.5 billion ($75.6 billion)
February 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.
October 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. Continued...