Lawrence-based Protection One Inc. on Wednesday closed a plan that restructures $120 million of company debt, a move intended to steer the monitored-services security company away from fears of bankruptcy and onto a path for growth.

The plan included a reverse stock split that leaves Quadrangle Group and a handful of others with 16 million shares of company stock in exchange for eliminating the debt.

The deal leaves Quadrangle, an equity fund, owning about 97 percent of Protection One.

The company announced the plan in November, as Protection One was moving its headquarters to Lawrence from Topeka. Richard Ginsburg, president and CEO, called Wednesday’s closing a “new chapter” in company history.

“We look forward to competing even more aggressively and continuing our leadership position in the security industry,” he said.