Nortel has received approval from an Ontario court to delay its annual meeting as the networking firm continues to review its finances.

The statutory deadline was June 30, but the court gave Nortel until Dec. 31 or a later date “as the Court may further permit,” Nortel said in a statement.

“The Company intends to hold its 2004 Annual Shareholders’ Meeting as soon as practicable after its 2003 audited financial statements are completed and available for mailing to shareholders,” Nortel added.

Nortel stock (NYSE: NT) was selling at $4.81 near the close, up 22 cents.