Embattled Sydney property developer Bathla warns it could fold by the end of the week
Summary
Bathla Group, a big property developer in Sydney, is at risk of shutting down by the end of the week unless it finds new funding. The company went into voluntary administration on August 25, leaving many customers with unfinished homes and staff unpaid for weeks.Key Facts
- Bathla Group is a Sydney-based construction company with about 350 head office staff.
- The company entered voluntary administration on August 25, taken over by insolvency firm Teneo.
- Staff have not been paid for up to eight weeks, and the company has no cash to pay wages or suppliers.
- Teneo needs to secure additional funding soon or will have to close the business by the end of the week.
- Thousands of customers are waiting for their homes, with 45 projects currently under construction.
- Bathla has around 20,000 apartments and 7,000 houses planned across various projects.
- The New South Wales government declined a financial rescue request from Bathla.
- Teneo plans to prioritize ongoing projects and may reduce staff if the company continues.
- A meeting with potential lenders is scheduled to decide Bathla’s future by Friday.
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