Struggling property developer Bathla bought itself two weeks but the break
Property developer Bathla Group remains in voluntary administration as it struggles to secure funding to continue construction projects. While a small group of lenders has provided a short-term cash injection, the majority of the company's operations remain suspended, leaving many homebuyers in uncertainty.
Why it matters
The collapse of a major developer impacts housing supply and leaves numerous customers at risk of losing their deposits or property settlements.
With numerous projects hanging in the balance, time is money and Bathla is rapidly running out of both. ( Supplied: Bathla website )
Link copied Share Share article More than two weeks after Bathla Group entered voluntary administration, the company is still standing.
Since Teneo took control of the Western Sydney developer, the administration has lurched from one deadline to the next as it scrambles for cash.
At several points in these frantic first weeks, shutdown loomed.
Each time, Bathla found enough money to survive a little longer.
Its latest reprieve came on Monday, when five lenders agreed to provide between $3 and $5 million to keep a much smaller Bathla running for another two weeks.
May bought her apartment on the promise that property developer Bathla would knock $40,000 off the price at settlement. Now with the company in administration, she has no guarantee it will be honoured.
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