Nortel (NT) came up delinquent again Thursday, saying it will miss another financial filing deadline.
The Brampton, Ont., telecom-equipment maker says it won't complete its first-quarter 2005 financial report in time to meet its May deadline.
The latest delay continues a series of missed deadlines the company has encountered as it attempts to clean its books in the wake of the 2003 "
bonusgate" scandal. By saying it will miss the April 30 quarterly filing deadline, Nortel once again runs afoul of guidelines set by its largest creditor, Export Development Canada.
Nortel tumbled into financial disarray last year after audits revealed that 2003 earnings were exaggerated by some $300 million. The bogus profits were linked to rounds of executives bonuses that are now at the center of several investigations. Nortel says that it has fired 10 executives who had a role in the scandal, and that it is suing to recoup the bonus money.
Nortel says it will seek a new waiver and possibly a permanent waiver from EDC if it cannot file its first quarter report by May 25.
On Thursday, Nortel rose a penny to $2.60.