Property developer Bathla Group officially announces closure and staff stand-downs following August collapse
Bathla administrators fail to rescue the property developers from liquidation.
Bathla Group administrators Teneo are expected to announce the closure of the property development and construction business on Friday after failing to rescue it from the threat of liquidation.
The failure of Bathla became apparent at the beginning of September when a $3.4 billion debt to credit firms was exposed by the Group’s voluntary administration, leaving the construction of 2500 homes in limbo.
Teneo stood down 200 of Bathla’s 350 staff in an effort to conserve funds whilst stringing together deals with investors Ray White Capital, Centuria, and Asian investment house PAG.
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By continuing you agree to our Terms and Privacy Policy.The $4.7 million gathered from these lenders has not been enough to continue operations as Teneo is expected to stand down the remaining 150 staff and shut down construction sites on Friday.
More to come...
