BRAMPTON, Ontario-Nortel Networks Ltd. said it has retained a law firm, Wilmer, Cutler & Pickering, to review the restatement of its results for 2000 through 2002 and the first half of 2003.
In its quarterly results, the vendor said it understated its earnings by at least $900 million and it had not finished looking at its books yet for that period. But the company said its accumulated cut from the deficit was $505 million as of June 30. The overall deficit for the period is about $32 billion, after factoring out the $505 million.
Nortel said it plans to contribute $24 million in the fourth quarter to its benefit pension plans.
The vendor said it has filed its financial statements for the third quarter with the Securities and Exchange Commission.
