OrotonGroup creditors have voted to approve a deed of company arrangement proposed by fund manager Will Vicars.
The DOCA will include a whole of business sale of the OrotonGroup business with ongoing employment for more than 350 existing staff with 100% of entitlements paid in full.
The arrangement will also see a return of between 36c to 58c on the dollar for unsecured creditors.
The administrators will continue to trade the business during the DOCA process and will progress court applications in the coming week to transfer shares to Vicars' fund.
Voluntary administrators Vaughan Strawbridge and Glen Kanevsky were appointed as administrators on 30 November 2017 and also oversaw the second meeting of creditors last Thursday.
In their second report to creditors last week, they recommended that creditors vote in favour of the proposal from Vicars.