Spanish stretch-fibres firm Dogi has emerged from bankruptcy after 77% of creditors approved its turnaround plan, the company announced in statement filed with local stock market watchdog CNMV.

Burdened with losses and operational woes, Dogi filed for bankruptcy in June 2009, declaring EUR32.9m of debt. Since then, the company has been pursuing a turnaround plan that includes subsidiary sales, divestments and a sharp reduction in operating costs.

Dogi's financies have been improving. The company posted a EUR1.4m (US$1.82m) first-quarter loss, down 80% from EUR6.8m in the year-ago period.