The extension of the convening period allows the second meeting of creditors to be called on or before 8 March 2016, its administrator PPB Advisory said in a statement.

Last month Cockatoo Coal and three related companies Baralaba Coal, Wonbindi Coal and Cockatiel Coal appointed Grant Sparks, Martin Ford and Stephen Longley of PPB Advisory as administrators of the company, effective 16 November 2015.

The administrators are working with the group’s management team to fully understand the options available to the group, which may potentially include a restructure or recapitalisation at an appropriate time, the company said.

In October the ANZ bank had given notice to Cockatoo Coal that an $81 million bank guarantee facility would be terminated on 15 January 2016.

On termination, all amounts outstanding under the guarantee facility would become repayable.

The facility had provided guarantees required to support the mining operations at Cockatoo’s Baralaba coal mine in Queensland.

Under the terms of the notice, the company had to provide ANZ with an update as to arrangements for repayment of the amounts outstanding on 16 November 2015 and 15 December 2015.

The option had remained for the company to put to ANZ an alternative restructuring proposal, Cockatoo said.