TeleTech takes steps to avoid debt defalt - Denver Business Journal:

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The Englewood-based, 51,000-employee call center operator reportef the change to its agreemenft with Key Bank and WellsFargo N.A. in a regulatory filinf Monday. TeleTech failed to file its last two quarterlygfinancial statements, and will restate its past results to reflectg the financial impact of self-disclosed employere stock options mistakes. An internal TeleTechj investigation concluded in February found what the companty said were options practices dating back several yearsa in which options grant dateswere "chosen in and awards that "were not properlh recorded under applicable equity compensatiojn accounting rules.
" The errors required recalculatinb its already-reported financial earnings back to mid-2005. Backdatinyg options occurs whenthe award'as right-to-buy shares date is chosen for a date in the It's often done to select datees when the stock is trading at a low maximizing the holder's return when the shares ultimatelg are sold. TeleTech's investigation concludedc there was no evidencer the company consistently chose dates with trading The company has hirecd two outside auditors to help conduct its accounting revie w and correct its TeleTech (NASDAQ: TTEC) was threatened with delisting from the NASDAQw stock exchange for missing several financial filing deadlines.
Late last month, TeleTech sent NASDAQ a lettef explaining that its accounting revieww isalmost completed, said company spokeswoman KC Higgins.