Printmountain gained "99% approval" for its Company Voluntary Arrangement (CVA) proposal at a meeting of creditors and shareholders last week.


The online print services company had built up debts of 3.5m since its launch at Drupa last May, and under the terms of the agreement its unsecured creditors will receive 1.45p in the pound while secured creditors will get 3p.


It was forced to suspend its service earlier this year after failing to secure second-round funding, admitting that finding a market for its private auction service "had proved to be more difficult than we had anticipated" (PrintWeek, 9 March).


The firms plans to propose a CVA were revealed earlier this month (PrintWeek, 8 June) and the meeting took place at the London premises of business recovery firm Leonard Curtis on 20 June.


Company spokesman Tom Kahrl said that now the CVA had been approved the company could press on with plans to reinvent itself as a print management company.


"Restructuring the company has been time-consuming and we are pleased to have it behind us. We will now concentrate on getting on with business, building on the firm foundations that we have developed in the last 12 months," he said.


Kahrl declined to reveal details of the restructure and when the service would be resumed, but said the firm would be ready to go public with its plans in about a weeks time.


Story by Lauretta Roberts