A new spectral restoration algorithm of reflection electron energy loss spectra is proposed. It is based on the maximum likelihood principle as implemented in the iterative Lucy-Richardson approach. Resolution is enhanced and point spread function recovered in a semi-blind way by forcing cyclically the zero loss to converge towards a Dirac peak. Synthetic phonon spectra of TiO2 are used as a test bed to discuss resolution enhancement, convergence benefit, stability towards noise, and apparatus function recovery. Attention is focused on the interplay between spectral restoration and quasi-elastic broadening due to free carriers. A resolution enhancement by a factor up to 6 on the elastic peak width can be obtained on experimental spectra of TiO2(110) and helps revealing mixed phonon/plasmon excitations