Dyson's two-year restructuring complete

In a deal dubbed one of Yorkshire's most complex restructurings, the Sheffield company won the support of parties including banks, shareholders, the European Commission, the Pensions Regulator, the Pension Protection Fund, creditors and suppliers.

"It looked quite a remote challenge when I started a year and a half ago," said chief executive Julian Cooper, who becomes executive chairman.

"It's fantastic to have finally got to this point."

The 200-year-old company, which makes products used in car engines, came close to administration after entering the recession with a heavy debt burden.

The restructuring leaves shareholders with 12 per cent of its equity, with banks TSB and Svenska Handelsbanken taking a 51 per cent stake by converting 12.8m of their debt into equity and receiving 5m of preferred shares.

The banks also agreed to refinance another 35m of their debt in return for security over the group's assets, and lend Dyson another 4.5m of working capital.

The deal saves about 430 jobs in the UK and abroad. Chairman Christopher Honeyborne and non-executive director John Lomas are standing down.

"(We are) leaving Dyson with... a sustainable debt and capital structure in place, a strong and experienced management team and healthy prospects for the company's operations," said Dr Honeyborne.