BusinessQuiet 71d · day 72
Bathla owes $3.4bn as administrators race to secure funding by Monday
Sydney's major developer faces liquidation unless five lenders commit to $1–1.3m weekly funding by Monday morning.
What to know
- Bathla owes $3.4 billion, with $3.08 billion owed to secured lenders; 21 staff stood down, 300+ unpaid for eight weeks.
- Administrators are negotiating with 5 of 43 lenders to secure $1–1.3m weekly funding; Monday morning is the deadline or construction halts.
- The developer has 45 projects under construction in NSW (2,500 homes) and ~$4.9 billion in preliminary asset value, but little liquid cash available.
“Based on our investigations to date, we believe there is around $400 million of stock that is currently for sale or under contract. However, we also understand that there will be no liquidity flowing to the group from this stock in the near term.”
Rebecca Gill, Teneo administrator · Sydney Morning Herald · Sep 3
Bathla Group Major Sydney residential developerTeneo Court-appointed administratorAndrew Scott Teneo administratorStephen Longley Teneo senior managing director
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