Chilean telecoms carrier WOM has exited Chapter 11 bankruptcy.

In a statement on LinkedIn, CEO Chris Bannister confirmed the company has exited Chapter 11 close to a year after it had filed for bankruptcy in the US.

Bannister also confirmed he has returned as CEO at the company for a third time. He had departed the telco weeks after its Chapter 11 filing last year.

WOM has now been acquired by its creditors, including BlackRock, Moneda Asset Management, and Amundi SA. Former Millicom chairman Mauricio Ramos has also joined as chairman.

The company won approval in December to exit bankruptcy after it agreed to a takeover and restructuring bid from the group of creditors.

In its filing last year, WOM, which stands for "Word of Mouth," listed more than $1 billion in debt.

Bannister noted at the time that the telco sought Chapter 11 protection in a US bankruptcy court as the company's best option to remain viable.

"After nearly 12 months of long complex negotiations and an injection of $500 million the next phase begins," said Bannister, who said that WOM commands a market share of 25 percent in Chile.

"The battle has been bruising and sometimes painful but today WOM can move forward with a low level of debt and a healthy balance sheet and in control of its own destiny."

WOM has been able to continue operating as normal during the process.

The company blamed its financial problems on its delayed 5G rollout, while credit rating companies downgraded WOM's debt early last year, including 2024 and 2028 bonds totaling $649 million.

Founded in 2015 after British private equity firm Novator Partners LLP acquired assets of Nextel Chile, the telco has become Chile's third-biggest in market share, only behind Telefónica's Movistar and Entel SA.

WOM Chile serves more than eight million customers.