"Today's decision by creditors to approve the Deed of Company Arrangement means winding up proceedings against Derwent Howard Media will not go ahead," said administrator Nick Malanos.
Administrator Worrells said in a statement that a copy of the executed DOCA will now be lodged with the Australian Securities and Investments Commission (ASIC).
Reports earlier this month said that creditors had been offered a 5 cents to the dollar DOCA payment by Flynn, though Worrells hit back at claims that it had recommended such a proposal to creditors.
Worrells today also refused to comment on claims made in a media report that Derwent Howard made a series of preferential payments in the days leading up to entering administration.
Derwent Howard has left behind a string of unsecured debts with various printing companies after being placed into voluntary administration late last month. Last week, Webstar confirmed it was owed around $678,000 while The Quality Group said its debt was "higher than" $245,000. McPhersons Printing has also confirmed a debt of $57,000.
Flynn placed Derwent Howard into administration after a turbulent year in which co-founder Nathan Berkley left the company in March and managing director Nick Cutler resigned in August.
Some of Derwent Howard's titles, including the flagship Official Playstation magazine, are continuing to be published by Media Factory, a company recently set up by Flynn.