AustraliaABC News & Headlines

Bathla reduces to skeleton staff and stops construction work as lenders pull out

Sydney developer Bathla has stood down most of its remaining staff and halted all construction after lenders refused to keep funding the collapsed company.

Building work has stopped at sites and company is down to skeleton staff.

The Long Sip
What happened

Administrators of collapsed Sydney developer Bathla have stood down 125 more staff and stopped all construction work after lenders pulled their funding.

The detail

Bathla owes $3.4 billion in debts and has about 200 projects across NSW in jeopardy, with roughly 2,000 homes under construction.

What it means

Administrators will now focus on the orderly sale of land and subdivision sites, leaving the future of thousands of planned homes deeply uncertain.

For you

Around 2,000 homes are under construction and 13,000 more are in the pipeline, so buyers with contracts should seek legal advice on their position.

Full story at ABC News & Headlines

What readers are saying

PortpiriePricey
the administrators confirmed that support for sales and settlements has now ceased entirely. with the review finding over seven hundred million dollars in potentially overstated inter-company records, getting a clear picture of the actual debt will take months.
MemeQueenJenny
If you are waiting on one of these homes, check if your project was one of the 13 that actually had the short-term funding deal before it ran out today. 🛑 The administrators are focusing on selling off the land bank now so keep a close eye on those site listings.

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