Nortel Networks announced Thursday it would eliminate 3,500 jobs, or about 10 percent of its work force, as it struggles to rebound from financial reporting problems.

The company said the costs of the layoffs would be $300 million to $400 million, and it expects to have annualized cost savings of about $450 million to $500 million.

The company said it expects to be able to complete a restatement of 2003 results by the end of the third quarter.

By: DocMemory
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