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Hammer blow for embattled Bathla Group
Administrators said 13 sites were shut and more than 200 staff stood down after $4.7 million in short-term funding was exhausted.
- On Thursday, Administrator Teneo announced Bathla Group had exhausted its $4.7 million in short-term funding, forcing immediate cessation of all construction work across the developer's sites.
- Bathla Group entered voluntary administration in late August carrying $3.4 billion in total debts, including $145 million owed to the Australian Taxation Office; administrators stood down more than 200 staff last week.
- Administrators identified 219 current projects valued at $4.87 billion against about $3.13 billion in debt, while preliminary assessment found about 167 undeveloped sites and $400 million of completed property for sale.
- Teneo reduced staff to a 'skeleton' team to manage the administration, while anxious buyers remain in limbo regarding their deposits; administrators pledged further updates to customers and creditors.
- Last Friday, the NSW Supreme Court granted administrators a 12-month reprieve to complete unfinished projects by September 13, 2027, shifting focus to working with lenders for an orderly sale of subdivision and land bank sites.
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Coverage Details
Total News Sources9
Leaning Left4Leaning Right3Center2Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 22%
R 33%
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