Qwest extends waiver for financial reporting deadline

By Sara Rosenberg

New York, July 1 - Qwest Communications International Inc. received waivers under its Qwest Services Corp. credit facility and its QwestDex term loan, extending the deadline for submitting 2002 financial reporting to lenders through Sept. 30 from July 15.

Furthermore, the company received waivers for first quarter 2003 financial information, which was also extended to no later than Sept. 30.

Previously, the company obtained waivers extending the deadline for submitting financial reporting to July 15 from May 15.

These waivers were needed since the Denver telecommunications company is still in the process of restating prior period financial statements necessary to complete the financial reporting for these periods.

"We continue to make significant progress on our financial transformation including the restatement," said Oren G. Shaffer, vice chairman and chief financial officer, in a news release. "I believe we have more than adequate time to complete our financial statements and I'm pleased with the continued support from our banks and lenders during this process."

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