Bathla Group stands down 213 workers as it secures two
Australian property developer Bathla Group has secured a short-term funding lifeline from five lenders, allowing 14 of its 45 construction projects to continue. However, the company has stood down 213 of its 350 employees as it faces potential collapse.
Why it matters
The potential collapse of a major developer highlights instability in the Australian construction sector, impacting housing supply and employment.
Bathla Group has been teetering on the brink of collapse. ( ABC News: John Gunn )
Beleaguered property developer Bathla Group will survive for another two weeks after administrators secured a temporary lifeline.
More than 200 staff have been stood down, while only some projects will be able to carry on.
Administrators say they still need more funding commitments if the group is to last beyond the next fortnight.
Link copied Share Share article The debt-ridden Bathla Group has reached a short-term funding agreement with five of its lenders which will continue its survival for another two weeks.
The property developer's administrator, Teneo, says this funding will allow construction to continue on those lenders' construction projects.
However, construction on other projects will be suspended today, resulting in approximately 213 employees being stood down.
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