Major developer faces liquidation as funding deadline brought forward
Administrators of crumbling property development business Bathla Group are preparing to liquidate it by the end of the day.
The Bathla Group, a property developer, faces imminent liquidation as hopes of securing $20 million in emergency funding wane. Administrators Teneo have brought forward a deadline to the end of Tuesday to assess the company's survival prospects. The property firm, which has debts exceeding $3.2 billion, is preparing to shut down by the end of the day if funds are not secured.
Some private credit lenders have taken control of individual worksites and are responsible for delivering particular projects. Bathla has 350 staff that have not been paid for eight weeks, and over 2,000 homes are under construction, with 13,000 more in its development pipeline. Some private lenders have committed to continuing payments on certain projects, such as a 312-apartment block in Pemulwuy, Sydney's west.
However, the future remains uncertain, with no clear image for contractors and workers impacted by the collapse.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
