NYSE Gives Nortel Three Months

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The New York Stock Exchange has granted Nortel Networks Corp. and its principal operating subsidiary, Nortel Networks Ltd., up to an additional 90 days to file their 2003 annual reports on form 10-K with the Securities and Exchange Commission.

The exchange said it will launch suspension procedures if the reports are not filed by March 31.

Nortel and its subsidiary have said they will begin filing Jan. 10.

The troubled vendor has cut more than 60,000 jobs, or almost two-thirds of its work force, over the past three years.