Without the extension, the second meeting of the creditors for Caledon and its subsidiary companies would have been held on or before June 16 2017, PPB Advisory administrators said.

“However, in our view, an extension of the convening period was required to enable us to deliver the best outcome for the creditors as a whole by allowing sufficient time to fully consider any offers that may be received for part, or all, of the companies' business,” the administrators said.

The extension also allows the administrators to negotiate with relevant interested parties for the sale of the companies' business and assets, including the terms and structure of any such sale as well as consider any proposal for a deed of company arrangement that may be submitted in respect to one or more of the companies as part of an offer to purchase the assets.

The 87 pages of minutes from the first creditors meeting reveal millions of dollars in monetary claims have been made against the company, including Wiggins Island Coal Export Terminal.

The company called in the administrators after an inrush incident at its major asset, the Cook Colliery, stopped the longwall from producing.