Weather Investments, a vehicle controlled by Naguib Sawiris, the Egyptian entrepreneur, is set to keep control of Wind Hellas after the board of Greece’s third-largest mobile phone operator backed its debt restructuring plan for the company.

The deal – one of Europe’s biggest bond restructurings since the credit crunch began – has secured support from more than half its more senior ranking creditors. It is expected to leave its shareholders in control of the business but wipe out around €1.5bn ($2.2bn) of more subordinated debt claims.