Nortel

(NT)

got a waiver from Export Development Canada Friday.

The waiver cures the defaults related to Nortel's failure to make timely filings with securities regulators. The Brampton, Ontario, telecom-gear maker has been engaged in a long-running audit of its books and is planning to restate financials going back several years to correct misbooked revenue running into the billions of dollars.

Nortel said Wednesday that next week it expects to share preliminary financial results for the past three-and-a-half years. Demonstrating unusual confidence after four deadline disappointments, Nortel said it would file all its restated financial reports and "follow thereafter, as soon as practicable," with its third-quarter 2004 earnings report.

The company said its ongoing audit has turned up $3.2 billion in bogus sales. Nortel apparently booked sales during the Internet construction boom in 1999 and 2000 that should have been recognized over a longer period. Many of the errors were recorded in Nortel's optical networking unit, which was posting 40% annual sales growth rates around the turn of the century.

Nortel rose a penny Friday to $3.84.