Qwest expects to restate $1.5bn

NEWS Troubled telco Qwest has said it expects to restate $950m in revenue and costs for optical-network capacity sales and added that it may also restate a further $531m relating to deals. The deals in question relate specifically to capacity swapping agreements with other carriers, such as Global Crossing and Cable & Wireless. Qwest has been in discussions with the Securities and Exchange Commission since it became the latest company embroiled in accountancy scandal over the summer. In July the company admitted to wrongly booking more than $1bn worth of sales, and CEO Dick Notebaert warned the process of restating the results would take "months and not days". Qwest made losses last year of $26.4bn.