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Solid Energy's next move is expected to be a review of its head office staff.
Chairman Mark Ford has initiated a second review of employees, mostly based in Christchurch.
The company has already shed 400 staff out of about 1200 still on the payroll.
During the past 10 years the company saw an unprecedented rise in staff numbers under chief executive Don Elder.
He also embarked on various fringe projects, such as a biofuel plant (now sold).
The miner’s union has vowed to fight moves to axe more staff, saying they should not have to pay for the stupidity of management.
But yesterday’s shock revelations of debt at $389 million means the company is only surviving on the security that the government can provide bankers.