William Owens, the chief executive officer of Nortel, said Monday that he was “embarrassed” by the firm’s repeated failures to meet deadlines for review of its financial reports dating back to the telecom boom and bust days.

“It’s obviously an embarrassment to me that we haven’t met deadlines, but I must tell you it’s far more important to me that we do these things right than it is that I meet a deadline and so we will do it right,” Owens said in a speech in Toronto, according to Reuters.

Nortel’s latest delays will stretch into December, perhaps longer.

Nortel: www.Nortel.com