Creditors of Energis have signed up former Adsa chief and management consultant Archie Norman MP to head a buy out of the telco's UK business.
The creditors have formed a company called Chelys, which will inject £150m in cash into the business and will trade under the Energis name.
"This is a business with very strong customer support and committed employees," said Norman.
"When approached, I said I would be keen to help but only if there was financial security for the business and the prospect of building a great team."
The telco's creditors, which are mainly banks, said in a statement: "The substantial investment we are making in Energis' UK operations demonstrates our belief in the business.
"We are sure that this will give Chelys, its employees and customers confidence in the success of its business model."
The carrier ran into trouble in January when it warned that revenues would be five per cent lower than expected and that it might break banking agreements.
Like many of its rivals, Energis had embarked on a rapid European expansion that proved over-ambitious.
It had to close German operation Ision not much more than a year after spending almost $1bn to acquire it.
In its last quarter Energis said it won £41m in new orders, including contracts with Virgin Mobile and Eurostar.
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