Golden Century Seafood Restaurant, on Sussex Street in Chinatown, went into administration in August after more than 30 years serving Sydneysiders.
A deed of company agreement (DOCA) proposed $2.4 million would be gathered from company assets and cash contribution to clear the business of its debts.
The business would then seek to save cash before reopening post-pandemic, The Australian reported.
Restaurant waiter Ben cleans surfaces and hand railings at Golden Century Seafood Restaurant in March 2020. Picture: Getty Images
On Tuesday, 47 creditors representing a total dollar claim of $4.5 million voted to support the proposal.
Two abstained and no creditors voted against saving the restaurant.
Chifley Advisory administrator Desmond Teng said the creditors vote showed there was strong support among employees.
“For me that means the management has treated them well in the past to get such overwhelming support,” he said.
“There’s time now for Honourful Pty Ltd (Honourful traded as Golden Century) to strategise and think about what they want to do next.”
The seafood restaurant is a popular eatery for NSW Labor figures and prominent Liberal party members John Howard, Tony Abbott and Scott Morrison have all dined there.
Golden Century has also welcomed celebrity chefs Heston Blumenthal, Alain Ducasse, Anthony Bourdain, Ferran Adria and Jamie Oliver through its doors.
Fans of the iconic restaurant flooded Twitter in the wake of the administration news last month.
Prime Minister Scott Morrison poses for photographs with supporters as he visited the Golden Century Seafood Restaurant in May 2019. Picture: Getty Images
Australian actor Remy Hii, who starred in Crazy Rich Asians, wrote, “Hearing about the closure of #GoldenCentury is like a death in the family.”
The restaurant’s website says the original Golden Century has “long been considered a Sydney icon”.
“Generations of loyal customers continue to flood through its doors for its traditional Chinese seafood recipes, spicy specialties and heart-warming hospitality from its owners, Eric and Linda Wong,” it reads.
“Indeed, it’s even a late-night favourite of Sydney’s most celebrated celebrity chefs who can often be spotted dining on The Golden Century’s famous ‘Pippies in XO Sauce’.”
The Wongs moved to Sydney from Hong Kong in 1989 and built the first Golden Century at 405 Sussex St before upgrading to their current site.

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