Immediately after the vote,KPMG signed a deed of company arrangement and control of operations was returned to the Carriageworks'board of directors headed by chair Cass O'Connor.
The result ends a push within government for the Sydney Opera House to take over operations of the Eveleigh Railway Yards venue.
Carriageworks was placed into voluntary administration on May 4 after COVID-19 shutdowns forced it to cancel or postpone all its major upcoming events,including the Sydney Writers'Festival,Mercedes-Benz Fashion Week Australia and its weekend markets.
The organisation's major arts projects also went over budget in the year leading up to its collapse,including Nick Cave's ambitious installation of thousands of found objects which ran over the summer of 2018/19,was popular and free to the public but cost Carriageworks $439,000 to stage.
Some of Sydney's wealthiest benefactors stepped into the breach to pledge donations and loans of more than $1.6 million contingent on Carriageworks operating independently.
Loading
Board member Geoff Ainsworth and his wife Johanna Featherstone pledged $2 million through their philanthropic Oranges&Sardines Foundation,$1.8 million of that being a low-interest,short-term loan,upon which Carriageworks can drawdown for working capital.
The Neilson Foundation pledged $500,000 and the David Gonski Foundation $200,000,most of the latter to kick in over four years once Carriageworks has resumed trading.
The Crown Resorts Foundation and Packer Family Foundation promised Carriageworks a further $240,000 for the continuation of an arts education program.
Oranges&Sardines Foundation chair Johanna Featherstone said Carriageworks was home to a diverse community of creative and passionate voices,connected by the desire to make exciting experimental and inclusive art.
"In our current climate of uncertainty and concern,the Oranges&Sardines Foundation believes now,more than ever,the survival of Carriageworks offers hope,strength,and the inspiration of the arts to the people of Sydney."
Loading
The board of Carriageworks Pty Ltd is expected to reconvene by the end of the month.
Ms O'Connor paid tribute to the work of the benefactors,Create NSW and arts minister Don Harwin in providing funding certainty and declared the future of the arts company secure.
"'Never waste a good crisis'is apt guidance for current times,"she said in a statement released shortly after the vote."From the outset,we undertook to provide the NSW government with viable options for the future of Carriageworks the company,its activities,and its Redfern home.
"We have emerged from voluntary administration in the middle of a global pandemic with the longest lease in Carriageworks'history and a revised business model which is better able to cope with the challenges evident all around us."
Esther Anatolitis,executive director of the National Association for the Visual Arts,said it was vital that the renewed Carriageworks re-emerged as a beacon in upholding best practice,fostering artists'careers,supporting sector development and inspiring audiences.
"At this critical time,we need companies like Carriageworks strong and sustainable."
Get our Morning&Evening Edition newsletters
The most important news,analysis and insights delivered to your inbox at the start and end of each day.Sign up here.