Qwest set to write off a further $35bn
Qwest, the long distance telecoms group, has revealed plans to write down its assets by a further $35bn.
It expects to write off goodwill by a total of £24bn and also conceded that its physical assets are worth $10.8bn less than was implied on the company balance sheet.
Qwest has long been struggling to overcome an accounting scandal with Anderson which forced its chief executive to resign. KPMG took over the role as auditors and advised the company to defer $531m of revenue recognised in previous years. The restatement comes just two days before the company is due to report its earnings.