Creditors have voted to save iconic Sydney restaurant Golden Century from permanent closure.

A deal worth $4.5 million will clear the Sussex Street institution of its debts before the restaurant can reopen after lockdown. 47 creditors voted unanimously for the deed of company arrangement yesterday.

Golden Century, famous for its pipis and XO sauce and (very) late-night banquets, slid into administration in August under the cloud of a lease impasse and extended lockdown.

Sale of the restaurant's extensive wine collection will partly fund the deal. It is understood a buyer has agreed to pay $1.15 million for the bottles.

The three-storey restaurant was founded by Eric and Linda Wong in 1989. The husband-and-wife team migrated to Sydney from Hong Kong after operating a char siu barbecue restaurant in Kowloon.

Sibling restaurant The Century opened at The Star in 2012, and more recently Billy Wong (Eric and Linda's son) spearheaded XOPP, a modern Cantonese venue at Darling Square.

These restaurants were not affected by the August administration and will reopen when Sydney's COVID-19 lockdown is lifted.

More to come.