Nortel Delays 2003 Financial Statements, Restatements Likely

Nortel Networks has delayed the filing of annual financial reports for 2003. Nortel Networks said it is likely that it will need to revise its previously announced unaudited results for 2003 and for certain quarterly reports in 2003. The company also expects to restate its previously filed financial results for one or more earlier periods. An independent financial review is underway.



The delay in filing the annual report may impact some of the company's public debt indentures and certain of their support and credit facilities. The company outlined the expected impacts in a public statement. http://www.nortelnetworks.com