Overview
- Administrators Teneo warned on Monday that Bathla will not survive past the next pay cycle unless roughly $20 million is secured by Thursday to meet payroll and immediate supplier bills.
- Teneo said the developer entered administration last week with debts exceeding $3.2 billion and has already received a $1 million advance from Teneo’s head office to cover short-term operating costs.
- The $20 million request is intended to fund one month of operations, backpay wages and superannuation, and allow administrators to prioritise 45 in-progress sites that they say can be finished by early next year.
- The New South Wales government has declined to intervene and administrators say a coordinated contribution from Bathla’s many private lenders or a private financier is required to avoid liquidation; a creditor vote on liquidation is set for Friday.
- About 350 staff have faced unpaid wages for as long as eight weeks and migrant workers risk visa problems if made redundant, while subcontractors and buyers face payment and completion uncertainty that could disrupt local housing supply and construction cashflows.