in brief
- More than 210 of Bathla’s 350 staff were stood down at a meeting in sydney on Monday morning.
- Homebuyers who bought off-the-plan have been left in the dark, uncertain when, or if, their properties will be completed.
Property developer Bathla Group has stood down almost two-thirds of its workforce following its entry into voluntary administration earlier this year.
About 213 of Bathla’s 350 staff were stood down at a meeting in Sydney on Monday morning, and construction on several projects has halted as the embattled firm clings to life.
Bathla is one of Sydney’s largest residential developers, with 45 projects under construction.
Administrators said they had secured short-term funding to keep some of the firm’s projects going.
insolvency adviser Teneo announced it had secured the funding through five lenders linked to the projects, but the amounts and participants were kept confidential.
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Administrator Stephen Longley said the funding would enable Bathla Group to maintain limited operations for a further two weeks while longer-term solutions were explored.
“Our immediate priority has been to…