In a move which carries "significant risk", a group of creditors had entered into a "restructuring support agreement", the miner told the Australian Securities Exchange (ASX).

The deal involves Wollongong Coal, parent company Jindal Steel and Power, other subsidiaries, and creditors.

"The standstill arrangements under the RSA are conditional on numerous conditions to be fulfilled by the agreeing parties," Wollongong Coal told the ASX.

"The company will make further announcements as the restructuring process and will undertake all procedural approvals required under law once the scheme is finalised.

"Persons dealing with the company should exercise caution pending such further announcements.

"The restructuring of the facilities carries significant risk and is conditional. No assurance may be given at this time regarding the restructuring."

The parties had agreed to negotiate and finalise the restructuring documents by November 30, 2019.

More to come.