Debt-ridden property firm Bathla may collapse this week, says administrator
The Bathla Group, a major Australian property developer, is on the verge of collapse after failing to secure emergency funding. Administrators warn that the business will shut down by Thursday if they cannot pay staff wages.
Why it matters
The potential collapse of a major developer threatens the completion of 200 construction projects and highlights instability in the Australian real estate sector.
Topic: Construction and Real Estate Industry
Administrator Stephen Longley says if Bathla can not pay staff by Thursday, the business will not survive. ( ABC News: John Gunn )
Administrators of the embattled Bathla Group say its demise is just days away if they cannot secure urgent funding.
Administrator Stephen Longley told ABC's The Business he remains hopeful of securing a last-minute lifeline from lenders.
Administrators need enough money to pay staff by Thursday or the operation will have to shut down, leaving 200 projects in limbo.
Link copied Share Share article Administrators of major property developer Bathla Group have warned that the business does not have enough money to survive until the end of this week unless it secures urgent funding to pay staff.
Some of the company's 350 staff have not been paid for eight weeks, administrators Teneo said in a press conference.
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