Lenders Extend TeleTech’s Filing Deadline

Teletech Holdings Inc. will have until March 31, 2008 to file its third quarter 2007 report in a deal worked out with its lenders KeyBank and Wells Fargo, the business process outsource provider reported in a filing yesterday with the U.S. Securities and Exchange Commission.

TeleTech reported in November that it couldn’t deliver its 10-Q report for the period ending Sept. 30, 2007 until it completed a review of its stock option and other equity-based compensation grant practices. TeleTech said the review by its Audit Committee was then in its early stages, but that it could need to restate financial statements from 1999 into 2007, and incur non-cash compensation charges.

The Englewood, Colo.-based firm is in danger of being delisted from the Nasdaq stock market for failure to file its quarterly report.

TeleTech’s credit agreement with Keybank and Wells Fargo allows it to borrow up to $180 million. The two lenders have the authority to call off yesterday’s agreement if TeleTech defaults on the credit agreement, according to the SEC filing.

TeleTech did release third quarter results in November in a report it labeled as “preliminary financial results.” Preliminary income was $25.9 million on revenues of $335.8 million, according to the report.