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Hundreds of Staff Stood Down by Embattled Developer
Administrators said short-term funding from five lenders will keep only some projects going as Bathla’s debts were put at $3.08 billion.
- On Monday, administrators at collapsed developer Bathla Group stood down 213 staff, confirming "construction on other projects will be suspended today." Teneo secured short-term funding from five lenders to maintain limited operations for two weeks.
- The developer and its 542 individual entities entered voluntary administration on August 24, with preliminary figures revealing total debt of at least $3.4 billion amid mounting financial pressure.
- Financial filings show $3.08 billion owed to lenders, $145 million to the Australian Tax Office, and $4 million to employees. Building Commission NSW issued prohibition orders on Thursday for Kembla Grange, a key project 80 per cent sold.
- Premier Chris Minns said on Monday the state government is "in discussions with the administrator" regarding the company's future. Teneo provided staff with a partial payment on Thursday covering accrued wages.
- Administrator Stephen Longley stated significant work remains to secure funding for the 45 projects currently under construction. Bathla maintains a significant land bank holding at various stages of development, with future completion dependent on ongoing lender negotiations.
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Sydney Morning Herald+4 Reposted by 4 other sources
More than 200 staff stood down at collapsed developer Bathla
After a weekend of crisis talks, administrators reached a short-term deal but confirmed construction on some developments in Sydney would be suspended.
·North Sydney, Australia
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Coverage Details
Total News Sources10
Leaning Left4Leaning Right2Center2Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 25%
R 25%
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