Business Services Industry
Nortel Networks again delays restating financial statements.
Knight Ridder/Tribune Business News, September, 2004
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Sep. 3--Nortel Networks Corp. said Thursday that it would again delay issuing restated financial statements, this time until the end of October.
The Canadian telecommunications company delayed its annual report in March and was expected to provide new reports for 2003 and the first half of 2004 by the end of September.
Separately, Nortel said in a regulatory filing that its new chief executive would make $1 million a year and be eligible for a bonus of up to 170 percent of his salary.
William Owens will also receive a special pension benefit that will accrue over five years. If he retires after five years, he will receive monthly pension payments of...
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