Construction halted at Sydney Bathla sites due to funding shortfall
Administrators for developer Bathla have confirmed that construction has stopped at their Sydney sites. The cessation of work is due to a lack of remaining operational funding.
First reported 32 minutes ago · latest update 32 minutes ago
Construction has ceased on all Bathla Group projects and staff at 13 sites have been stood down, as the administrator announced it had run out of funding to keep the collapsed developer operational.
Administrator Teneo said on Thursday that the short-term funding initially secured to continue construction has been exhausted and discussions with lenders about financial support have stopped.
Teneo Administrator Stephen Longley said the focus was now on working with lenders for an orderly sale of Bathla Group’s subdivision and land bank sites.
“A core team of Bathla employees has been retained to assist with the management and realisation of the assets,” a Teneo spokesperson said.
Citations · 2 reports from 2 outlets
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Construction stops on Sydney Bathla sites as funding exhausted
The administrator for the embattled developer has confirmed there is not enough funding to keep it operational.
32 minutes ago · Ellie BusbyConstruction stops on Sydney Bathla sites as funding exhausted
The administrator for the embattled developer has confirmed there is not enough funding to keep it operational.
32 minutes ago · Ellie Busby