TORONTO-Nortel Networks Corp. said it expects to file 2004 audited financial statements for itself and its subsidiary, Nortel Networks Ltd., by the end of this month.
The company is required by the Ontario Securities Commission to provide bi-weekly status updates on its affairs until it is current with its filing obligations under Canadian securities laws.
Nortel said it plans to file unaudited first-quarter reports by the end of May, but it said it will file notifications of late filings in the United States and Canada as it expects to miss May deadlines for securities compliance.
A current waiver Nortel has secured with Export Development Canada is set to expire April 30, and EDC will then have the right to terminate its support facility with the company and exercise certain rights against Nortel’s collateral.
In addition, the company said it may not be in compliance with its public debt indenture obligations and could receive a default notice at any time. Nortel said it has received no such notice of default yet.
