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TORONTO (AP) - Nortel Networks Corp. plans to file its first-quarter financial statements by the end of May and does not expect to meet regulators' deadlines.
The Canadian telecommunications equipment maker said Thursday it is still working on 2004 year-end statements, which it expects to file with U.S. and Canadian securities regulators by the end of April.
Nortel said that as a result of the delayed financial numbers, a notice of default could have been given any time after March 30 by holders of at least 25 percent of its outstanding debt. No such notice has been received.
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