Key dates in the history of Nortel Networks, which filed for bankruptcy protection from creditors on Wednesday:

1882: Nortel's predecessor company starts out in the business of manufacturing telephone handsets.

1977: Incorporates in Canada as Northern Electric Co. Ltd. Later changes name to Nortel Networks

2000:

July 26: Stock peaks at a high of $124.50, which would be the equivalent of $1,245 in today's terms, allowing for stock consolidation. Shares were worth just 39 cents before bankruptcy filing on Jan. 14, 2009.

Oct. 24: Stock has first of what would become many major tumbles, falling the equivalent of $246 in today's terms ($24.60 before the split) after revenue growth missed company target.

Nov. 1: Career Nortel employee Frank Dunn promoted from chief financial officer to succeed John Roth as chief executive officer.

2002: A series of workforce cuts reduces the labour force, over 90,000 at its peak in 2000, to 35,000, amid heavy losses and repeated warnings that revenue will miss expectations. Nortel stock hits what would be for years an all-time low of 67 cents ($6.70 in today's terms) in October 2002 on fears Nortel would seek bankruptcy protection.

2003: Former Nortel CEO Frank Dunn (CP file photo)

Feb. 20: Dunn says Nortel is "starting to make money."

Oct. 23: Nortel acknowledges past accounting errors and says it will restate results, mostly upward, back to 2000.

2004:

Jan. 29: Announces net earnings of $732 million US for 2003 — first annual profit since 1997.

March 10: Delays audited financials for 2003, discloses it may further restate prior results.

April 28: Dunn fired, along with CFO Douglas Beatty, as Nortel says 2003 profit was about half what it previously reported. Former U.S. admiral Bill Owens becomes CEO.

Aug. 16: RCMP announce criminal probe into Nortel's accounting. Charges would be laid in 2008.

Sept. 2: Nortel delays 2003 audited results to end of October, the first of several delays. The audited results wouldn't be released until 2005.

2005:

Oct. 17: Owens announces his plans to leave the chief executive post, to be replaced within a month by former Motorola executive Mike Zafirovski, the company's current CEO.Current Nortel CEO Mike Zafirovski (CBC)

2006:

Feb. 8: Nortel Networks agrees to pay $2.5 billion US in cash and stock to settle shareholders' class action lawsuit over accounting scandal.

June 27: Restructuring announced. Nortel says it will cut 1,900 jobs and creating 800 in restructuring moves intended to improve profitability.

2007:

Feb. 7: Restructuring announced. Another 2,900 jobs to be cut globally in 2007 and 2008, as next step in business realignment. It also announced plan to shift 1,000 positions to lower-cost locations.

March: U.S. Securities and Exchange Commission file civil charges against four former executives of Nortel Networks, including ex-CEO Frank Dunn. Ontario Securities Commission alleges misconduct and negligence.

2008:

June 19: Royal Canadian Mounted Police lay fraud charges against former Nortel CEO Frank Dunn and two other former executives of the telecommunications equipment maker.

Nov. 10: Nortel posts a third-quarter net loss of $3.41 billion US. The company also suspends dividends on some of its preferred shares and announces 1,300 more jobs will be cut.

Dec. 10: Nortel defends itself as "a viable partner for the long term" despite news report on debt worries. Wall Street Journal said Nortel had hired legal counsel to explore bankruptcy court protection.

Dec. 11: Nortel says its shares may no longer qualify to be listed on the New York Stock Exchange, because they have had an average closing price below $1 US for more than 30 days.

2009:

Jan. 14: Nortel files for court protection from its creditors.