The group's administrator, McGrath Nicol's John Cronin, told The Australian Financial Review a decision was due to be made by the second creditors meeting, on March 31.

"Our main priority at this time is to continue working with our short-list of interested parties to negotiate a deal by the end of the month," Mr Cronin said.

"If a sale does not happen by then, we will consider a range of options, including consideration of Cubbie's water rights, which are of great value for crops, the local economy and the environment."

Eastern Australia Agriculture is narrowing as the favourite to buy the operation. It is backed by major global fund managers, including London-based investment firm Odey Asset Management and Ecofin.