July 14 (Reuters) - Telecommunications and power contractor QualTek Services said on Friday that it has emerged from bankruptcy after it reduced its debt by about $307 million through a restructuring deal. QualTek filed for bankruptcy in May this year armed with a restructuring agreement to cut its debt and provide $40 million of new loans to fund its post-bankruptcy operations. The telecom company will operate as a privately-held company under the ownership of its lenders and management. The company will be led by the existing management team alongside a newly-formed board. Reporting by Lavanya Ahire in Bengaluru, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

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Persons: QualTek, Lavanya, Deepa Babington Organizations: Telecommunications, QualTek Services, Federal Reserve, Thomson Locations: U.S, Bengaluru