The chairman of Eircom Group has said the Irish telecommunications company is starting a "new chapter" after struggling with major debt problems.

Three of the group's companies were put under examinership in March – a process in Irish law where a court provides protection to help a company survive.

This has now formally ended and chairman Ned Sullivan said that Eircom Limited, Meteor Mobile Communications and Irish Telecommunications Investments can now look forward to a "strong future".

Under reforms to the business, a holding company called Eircom Holdings (Ireland) Limited has been established, with equity entirely owned by the group's lenders.

A new board has also been formed and Sullivan said that a total of €1.7 billion of debt has been taken off the balance sheet.

"Having successfully navigated examinership and the consequent restructuring of the balance sheet, the group can look forward to executing the next phases of its strategy," he added.