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Critical deadline looms for building giant
- On Thursday, administrators Teneo secured enough cash to pay staff wages, but Bathla Group remains in voluntary administration with $3.3 billion in debt. The firm is scrambling for $20 million to finish 45 construction projects.
- The NSW building regulator issued a rectification order for an Illawarra development, citing 12 serious defects including non-compliant basement waterproofing. Failure to comply within eight months is a criminal offence.
- Marie Sinclair, whose parents purchased an apartment in Kembla Grange, told media on Thursday it is "really good news" despite lingering uncertainty. Many buyers remain in the dark about whether properties will be finished.
- The first formal creditors meeting is scheduled for Friday at 11am with Administrator Stephen Longley. While the group avoids immediate shutdown, negotiations for short-term funding continue to provide only weeks of breathing room.
- Bathla has 20,000 apartments and 7,000 dwellings in its delivery pipeline, comprising a significant share of state housing targets. Founded in 1997, the company joins a list of Australian developers that have recently entered voluntary administration.
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15 Articles
15 Articles
Sydney Morning Herald+4 Reposted by 4 other sources
Developer Bathla told to fix defects as it staves off liquidation
With the deadline to save the developer nearing its end, Bathla’s main corporate entity Universal Property Group has been hit with a building work rectification order for its under-construction development in the Illawarra’s Kembla Grange.
·North Sydney, Australia
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Coverage Details
Total News Sources15
Leaning Left8Leaning Right2Center3Last UpdatedBias Distribution62% Left
Bias Distribution
- 62% of the sources lean Left
62% Left
L 62%
C 23%
15%
Factuality
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