The definition and interpretation of "Red" may vary depending on your project and company standards. It's important to consider the project plan when determining status. Keeping the project Red until all originally approved deployment activities are completed ensures transparency and helps stakeholders clearly understand the impact of the missed deadline.
However, if the project team formally adjusts the scope and secures stakeholder approval, it would be reasonable to shift the status to Green, as the re-baselined plan would redefine what constitutes project success.