BOSTON — The Bank of New England Corp. said Wednesday it has asked bondholders to form a committee to select advisers for restructuring the company’s $706 million in debt.

The corporation said plans to improve the company’s capital position will be worked out with the bondholder committee.

Capital restructuring is the final element of the company’s recovery efforts over the last six months, Chairman Lawrence K. Fish said.

Other elements of the recovery plan include a work force reduction program announced in April that has cut operating costs by more than $15 million a month, the company said.

The bank corporation has also named a senior credit policy officer and has taken steps to upgrade the company’s loan portfolio.

The BNEC has assets of $23 billion and offices in Maine and Connecticut.