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Construction at Bathla Sites Grinds to Halt as Funding Dries Up
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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Construction at Bathla sites grinds to halt as funding dries up
Save (0) Please login to bookmarkClose Username or Email Address Password Remember Me Short-term financing for embattled developer Bathla Group has been exhausted and discussions with lenders have collapsed, leaving administrators no recourse but to progress a sale of the company’s assets. Subscribe to Lawyerly to access this article.Already a subscriber? Username or Email Address Password Remember Me Lost y…
Sydney Morning Herald+3 Reposted by 3 other sources
Construction stops on Sydney Bathla sites as funding ends
The administrator for the embattled developer has confirmed there is not enough funding to keep it operational.
·North Sydney, Australia
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Total News Sources14
Leaning Left5Leaning Right4Center4Last UpdatedBias Distribution38% Left
Bias Distribution
- 38% of the sources lean Left
38% Left
L 38%
C 31%
R 31%
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