Bathla Group needs $20 million to keep construction going as buyers and contractors wait
Administrators for the collapsed Australian property developer Bathla Group are seeking $20 million to maintain construction operations for the next five weeks. The company, which has 2,000 homes currently under construction, cites rising costs and softening sales as primary reasons for its financial distress.
Why it matters
The potential collapse of a major residential developer threatens thousands of home buyers and contractors, highlighting broader instability in the Australian construction sector.
Casey bought an off-the-plan freestanding house in the middle of last year. ( ABC News: Ben Clifford )
Administrators of Bathla Group are seeking about $20 million to keep the developer operating and construction moving for the next five weeks.
Former NSW planning minister Frank Sartor was involved in early meetings that eventually led to Teneo Financial Advisory Australia agreeing to become voluntary administrators for Bathla Group.
The first formal meeting of creditors is scheduled for September 4.
Link copied Share Share article Administrators of collapsed property developer Bathla Group are seeking around $20 million to keep construction going for the next five weeks, as home buyers and contractors wait to find out what happens to unfinished projects and unpaid bills.
Roughly 2,000 homes are under construction across the group, and about 13,000 more are in its development pipeline.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in