Creditors in Dutch waste processing firm Van Gansewinkel have taken control of the company from its private equity owners CVC Capital Partners and KKR & Co in a debt restructuring agreement, the Financieele Dagblad says on Wednesday.

The paper says the deal ends a difficult period for Van Gansewinkel, which has led to questions in parliament about the role of private equity firms and their way of working.

CVC and KKR took over Van Gansewinkel in 2007 and merged it with waste processor AVR. They paid €2.2 for the two companies of which €1.8bn was in the form of loans which were added to the books of the new combine.

It soon became apparent that the future prospects for Van Gansewinkel were not as bright as forecast and that the massive debt was crippling the company, the FD says. AVR was sold off again and Van Gansewinkel itself was put up for sale in autumn 2014, without success.

The new solution will allow Van Gansewinkel to continue as an independent company, the FD says. The company’s creditors are accepting a write-off of 60%, leaving the company with a gross debt of €320m.

‘This refinancing deal gives us a strong basis for our ambitions and plans,’ chief executive Marc Zwaaneveld told the Financieele Dagblad. ‘All the parties concerned have acted in a responsible and professional manner.’

Van Gansewinkel has a workforce of 5,500 and booked turnover of €962m last year, a drop of 4% on 2013. The company posted a loss of €549m, largely due to a goodwill write-off dating from the 2007 takeover.