REGINA (CP) Bondholders gave the go-ahead to the Saskatchewan Wheat Pools modified restructuring plan Tuesday, securing the immediate future of Canadas second-largest grain-handling company. The development means the Pool Saskatchewans largest single corporate employer can stay in business and avoid the threat of imminent bankruptcy. We are absolutely pleased with the result, said company CEO Mayo Schmidt. Certainly we look forward to getting back to running the business as opposed to working on financials and negotiation. Im personally quite excited and I know the employees are absolutely thrilled. Two group of bondholders voted on the proposal Tuesday. The first group of 2004 bondholders voted 85 per cent in favour of the plan, while 89 per cent of the 2007 bondholders endorsed the move. Cliff Reid, a bondholder, said he voted in favour of the plan. Its a big load for them to carry but they seem to have a plan so lets give them a run at it, he said. Hopefully its going to work out. Mired in a perilous financial position and at risk of defaulting its creditors, the Pool was caught between the interests of banks and bondholders as it tried to restructure its debt. With a restructuring plan worked out and a vote scheduled for Jan. 31, an ad-hoc group representing 42 per cent of mid-term bondholders stepped forward and said it would reject the deal because it put the banks before them. Faced with receivership if the vote was no, the Pool was forced to postpone the vote and rejig its proposal. David Schroeder, an analyst with Dominion Bond Rating Service, said the new plan gives the Pool time to deal with the more long-term problems related to the poor state of the Canadian grain industry. Long-term, the company is facing challenges, but this sets their financing in order and gives them the flexibility to continue to improve results, Schroeder said. Hugh Wagner, general secretary with the Grain Services Union, said the restructuring comes as a relief to the more than 1,000 Pool workers the union represents. You can imagine the uncertainty that prevailed in the work force last week and over the weekend, Wagner said. That cloud has certainly been lifted and its much more optimistic.