The company which owns the infamous mine in Chile where 33 men were trapped underground for more than two months has agreed to sell its assets to avoid bankruptcy.

Creditors gave the San Esteban Mining Company 15 months to repay its debts.

Thirty-three of the company’s miners were rescued last month from a mine in northern Chile after a tunnel collapse on August 5 left them trapped for 69 days.

Chile’s Radio Cooperativa reports some of the money will be used as severance pay for the 300 miners of the San Jose mine who lost their jobs after the collapse. In addition, the Chilean government is trying to recoup the money that it spent on the rescue operation. That is thought to have cost between $10m and $20m (£12.5m).

The rest of the money will be used to pay off the company’s other debts, which are estimated at around $10m.

Six weeks on from the dramatic rescue of the Chilean miners, the San Jose mine has remained shut. Following the rescue, Chilean President Sebastian Pinera had vowed the San Jose mine would never open again.