The Quinn Group said its restructuring has been fully implemented, after almost two years of negotiations.

The group is the industrial conglomerate formerly owned by Seán Quinn and his family. Creditors of the group in October approved proposals to restructure its debts to cut €800 million from the liabilities of the manufacturing business.

In a statement this morning, the group said the relevant legal documentation had been completed.

"The conclusion of the restructuring represents the culmination of nearly two years' complex negotiation and uncertainty for the Quinn Group," chief executive Paul O'Brien said.

"By permanently removing over €800 million of debt burden and placing the manufacturing businesses on a sound financial footing, we can focus all our efforts on implementing our plans for the business."

The insurance arm of the business, Quinn Insurance, was sold to US insurer Liberty Mutual Group, with State-owned Irish Bank Resolution Corporation (formerly Anglo Irish Bank) owning 49 per cent.