Nortel Networks Ltd. said both the New York Stock Exchange and the Toronto Stock Exchange are not considering delisting the company as yet.
The vendor also said its discussion with the Securities and Exchange Commission will not warrant accounting changes to sell its optical equipment. Nortel said the Office of the Chief Accountant did not approve or disapprove its accounting, so it will not affect its decision to sell such equipment.
On delisting, Nortel said “the commencement of any suspension or delisting procedures by either exchange remains, at all times, at the discretion of such exchange and would be publicly announced by the exchange.”
But the company needs to publish its 2003 results by Dec. 30, or else the NYSE would review its listing status. On its discretion, the company may enjoy a grace period of up to three months before the NYSE decides to drop the hammer.
Nortel has not said with certainty that it will meet the Dec. 30 deadline, although it promises to release the results within 30 and 60 days.
