Court extends Bathla administration to progress projects
Administrators said the extra time will help complete unfinished projects while they seek further lender support and review more than $700 million in unreconciled transactions.
- On Friday, the NSW Supreme Court granted Bathla Group a 12-month extension to its voluntary administration, allowing the developer additional time to complete unfinished construction projects after entering administration last month.
- Teneo, the insolvency advisor, took control of Bathla last month to manage a $3.4 billion debt pile, prompting the developer to halt construction and stand down more than 200 staff members.
- Administrators are currently reviewing more than $700 million in unreconciled intercompany transactions while six lenders provided about $4.7 million in short-term funding to keep critical operations functioning.
- "The extension gives us the time needed to progress projects towards completion," Administrator Stephen Longley said, though successful completion remains dependent on securing additional lender support.
- The court-approved extension runs until September 13, 2027, with administrators able to convene creditor meetings earlier if needed. NSW Premier Chris Minns has defended refusing public bailouts for the Sydney-based developer.
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15 Articles
Troubled Australian developer Bathla granted one-year extension to complete projects
SYDNEY, Sept 18 (Reuters) - Debt-riddled Australian developer Bathla Group received a one-year extension on Friday to complete unfinished projects that were left in limbo when it entered administration last month. But the company would still be depen...
Court extends Bathla administration to progress projects
Save (0) Please login to bookmark Close Username or Email Address Password Remember Me Bathla’s administrators have secured court orders extending their control of the failed Sydney developer for 12 months, saying it will allow more time to complete projects under construction. Subscribe to Lawyerly to access this article. Already a subscriber? Username or Email Address Password …
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