Nortel delays results...again

Nortel Networks announced on Thursday that it putting off the filing of financial results for 2003 and the first half of 2004 once again. The networking gear maker said it will not likely file these reports until the end of October. It had stated previously that it had expected to make these financial statements by the end of the third quarter.

The Canadian company, which has been mired in an accounting scandal since early spring, also said that if necessary it will apply to the Ontario Superior Court of Justice to postpone its stockholder annual meeting until next year. Because of the delays, Nortel also intends to seek a new waiver from Export Development Canada to keep $750m in credit support in place with the government agency. It announced the last waiver on 20 August. Other than the postponement of results, Nortel said there have been no other material delays since its last status update.