Qwest enters settlement talks with SEC

'Now, about that $1.1bn...'

Qwest has begun settlement negotiations with the SEC as it struggles to stem the damage done by an admission that it improperly accounted for $1.1bn in revenue over several years. Richard Notebart, newly appointed chairman and CEO at Qwest, is eager to settle if it wipes the slate clean, said sources quoted in the Wall Street Journal. Notebart is eager to avoid a lengthy trial and wants to put the company's escalating financial problems in order. Qwest has a debt mountain of $26bn and is desperately trying to sell assets to raise cash to keep the banks at bay. The company is also facing a criminal investigation from the US Department of Justice.