Halliburton Awaits Decision on Payments
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After a week of flip-flops by the Army, Halliburton is waiting for a final decision on whether the military will withhold 15 percent of payments for some of its work in Iraq.
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Halliburton Co.&#39;s multibillion dollar contract for work to support US troops in Iraq will be put back up for bids, according to a published report.
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The US Army will begin withholding 15 percent of its payments on Halliburton Co.&#39;s future invoices for logistical support of troops in Iraq and Kuwait, the oil services conglomerate said Tuesday.
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In a departure from normal policy, the Army said yesterday it will not withhold future payments to Halliburton Co., despite audit reports last summer that said the giant logistical contractor had not properly accounted for a wide variety of work in Iraq and Kuwait.
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Executives urge patience as the company continues to review payments to executives who left in the wake of an accounting scandal. By Darrell Dunn.
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The U.S. Army will withhold payment  on 15 percent of future invoices of Halliburton Co.'s HAL.N  logistics deal in Iraq due to a billing dispute that could cost  the company $60 million a month, the military said on Tuesday.
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Electronic Data Systems Corp. (EDS) could be facing more rough waters with its $8.8 billion U.S. Navy contract, as the IT services provider delayed release of its third-quarter results on Monday pending a review of the value of its assets used on the deal.
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Halliburton Co. said Wednesday it is considering an appeal to a judge&#39;s ruling that the company cannot cancel or make major changes to health care coverage for retirees of a company it bought in 1998.
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Halliburton (HAL:NYSE - news - research) sank Tuesday after the Army chose not to extend a deadline for the company to explain its billing in Iraq.
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The U.S. Army will withhold payment  on 15 percent of future invoices of Halliburton Co.'s HAl.N  logistics deal in Iraq due to an ongoing billing dispute, the  company and the U.S. military said on Tuesday.
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Halliburton (HAL:NYSE - news - research) named Andrew Lane chief operating officer as it prepares to make a decision on its Kellogg Brown &amp; Root unit.
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The U.S. Army plans within months to  break up Halliburton Co.'s contract to provide support services  for U.S. troops in Iraq -- valued at up to $13 billion -- and  open the work to competitive bids, the Wall Street Journal said  on Tuesday, citing an internal Army memorandum.
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The U.S. Army is laying the groundwork to let Halliburton Co. keep several billion dollars paid for work in Iraq that Pentagon auditors say is questionable or unsupported by proper documentation, the Wall Street Journal reported on Friday.
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The Pentagon has all but abandoned hope that Halliburton Co. will be able to fully account for all expenses associated with supporting US troops in Iraq and is considering an accounting armistice.
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DALLAS (CBS.MW) -- Halliburton&#39;s shares closed higher Wednesday after the Army Materiel Command reversed its decision to withhold 15 percent of its future payments to the company under a contract to supply and support US troops in Iraq.
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WASHINGTON - The US army said it had suspended its decision to partially withhold payments to Halliburton, the biggest US contractor in Iraq.
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Halliburton HAL.N said on Monday  the U.S. Army had decided to give the company more time to  resolve a billing dispute before withholding payment of up to  15 percent of the company's bills in Iraq and Kuwait.