Creditors of state coal miner Solid Energy have backed a plan to sell off its assets rather than liquidate the company.
The 1500 creditors voted to support the company's board to sell off assets in a "deed of company arrangement" over the next two and a half years.
Under the arrangement agreed to at a watershed meeting the business will continue trading while assets are sold off.
The company was placed in voluntary administration last month with debts of $NZ320 million ($A283 million).
A report from administrator KordaMentha backed the board's plan rather than liquidation because it would realise a better result for creditors.
It estimated that creditors would only get 15-20 cents in the dollar if it went into liquidation, while trade creditors and employees will get everything they are owed under the deed, with banks and bondholders expected to receive 35-40 cents in the dollar.
"We are grateful for the support we have received in negotiating our proposal," said Solid Energy's acting chairman Andy Coupe.
"We acknowledge the group still faces challenges but we are pleased the path is now clear to move on with the process and get payments to creditors under way."
Administrator Brendon Gibson said control would soon revert to the board and payments would soon be made to creditors.
He said after it issued its report to creditors last week it had been approached by "an offshore third party" to delay the watershed meeting for 90 days so it could consider making an offer for the company.
BusinessDesk named the suitor as New South Wales-based mining investor, Mach Energy.
"It is not unusual to receive such an approach in an administration, but it is unusual after the formal administrators report has been issued," said Mr Gibson.
He said the meeting was advised of the approach.
Solid Energy entered administration after the government declined to bail it out for a third time.
It was rescued by the government in 2013 and again in 2014, and has been the subject of political debate.
Solid Energy has 540 employees and around 200 contractors, with its headcount reducing from more than 1600 in 2012 after a slump in coal prices.
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