The focus would be on making a payment to employees before Christmas, receivers John Fisk, David Bridgman and Malcolm Hollis, from PricewaterhouseCoopers said in a statement.
Pike River was yesterday placed in receivership at the request of the company.
Explosions in the mine killed 29 miners about three weeks ago, putting the company under intense scrutiny.
EPMU, the union representing coal miners at the company, described the news as a "cruel blow".
EPMU national secretary Andrew Little last week said most of the 80 to 90 workers at the mine were likely to lose their jobs in mid-January, with workers likely to be given four-weeks' notice of redundancy tomorrow.
It was now doubtful whether the men would get one month of notice paid out, redundancy payments or any other entitlements, such as holiday pay, he said.
Mr Little said the union would seek to clarify the situation with the receivers.
Chairman John Dow said the company found itself in a precarious position financially as a result of the events of the past three weeks.
"The only prudent action we could take was to approach our major creditors and advise them we were unlikely to be able to repay our loans at the end of the standstill period that New Zealand Oil and Gas and the BNZ offered after November 19."
NZOG was owed $25 million and the BNZ $20 million.
The Pike River Coal board had developed a clear business plan for the next few months but unfortunately that had proved to be unachievable because of the explosions and subsequent coal fire, he said.
The priorities, conveyed to the receivers were:
• Options for the recovery effort and making the mine safe.
• Co-operating with the inquiries.
• Employees' entitlements.
• Preserving the value of the asset, while recognising that there is considerable uncertainty about the future of the mine.
Mr Fisk said the receivers acknowledged the receivership would be disappointing for the Greymouth community, which was already suffering from the recent tragic events.
However, the receivership would enable a full consideration of the options available to the company in regards to the recovery effort and to preserve the value of the assets.
The receivers would be co-operating with the various inquiries being conducted, he said.
NZOG is a major secured creditor of Pike River Coal.
Company chief executive David Salisbury said it was evident that even considering restarting mining was ruled out for a long time.
Receivership was an unavoidable step.
"These are difficult times, especially for the families of the 29 men who have lost their lives, and for the Pike River miners facing redundancy."
Decisions on the mine's future must at least await a conclusion to the recovery efforts.
NZOG was supportive of eventually reopening the mine.
It was hoped the inquiries under way would result in findings which allowed the mine to reopen in a safe manner.
Craigs Investment Partners broker Peter McIntyre said the financial outcome for Pike River Coal shareholders was likely to be zero.
The receivers would want the best outcome for the secured creditors and employees.
"There is unlikely to be any return of capital."
Asked about the $100 million of insurance being talked about last week, Mr McIntyre said no-one was sure what the insurance covered.
It was presumed to be for "business interruption" which meant covering wages and any damage to machinery.
Assessors were unlikely to get into the mine for several months, meaning the payout could be delayed.
NZOG shares dropped nearly 2.5% in value yesterday to trade at 87c.
Pike River Coal
• Unlikely to pay back loans to NZOG and BNZ
• Called in receivers to meet workers today
• Investors unlikely to receive capital payout
