Versatel, the Dutch alternative telecoms company, has emerged from bankruptcy protection and will pursue a financial restucturing plan that involves converting its outstanding debt into a combination of cash and equity.

Versatel filed for protection from its creditors in the US and the Netherlands in June in an attempt to accelerate the financial restructuring process. In early September, the company received approval from the US court to carry out a restructuring, and on September 17 Dutch authorities added their consent.