Nortel delays restatements again

Troubled equipment manufacturer Nortel Networks has announced further delays in the restatement of its financial results for the past three and a half years, and suggested that its 2004 annual meeting may yet be postponed too. The company had previously said that restated reports for 2001 and 2002 would be available by the end of September, but will now not be drawn on an exact date, saying only that they will be published ‘as soon as practicable’.