Embattled drug company Elan has won another reprieve from its bondholders for the filing of its 2002 accounts.
Elan now has until August 29th to file its annual returns for 2002 including the returns for two special purpose vehicles known as EPIL II and EPIL III.
Elan is said to be in a dispute with its auditors, KPMG, who are refusing to certify the accounts, known as 20-F.
Mr Kelly Martin, Elan's chief executive, said: "We are devoting all necessary resources to completing and filing our 2002 form 20-F and we appreciate the patience of our stakeholders in seeing this process through to conclusion".
The company, which is also the subject of a Securities and Exchange Commission investigation, has already said it would restate its 2002 results to reduce earnings per share by 2 cents and write down the value of shareholder equity by $10 million.
Elan said in a staement today that it and KPMG are working to conclude all audit related issues and matters the company's annual results, but the statement added that it could not provide "any assurances as to the timing of the completion and filing of the 2002 Form 20-F."