Bathla administrators "quietly confident" a rescue plan can be agreed in days | The Business

By ABC News (Australia)

Community Score: 50% | 4.5K views | 1mo

0 community ratings: null thumbs up, null thumbs down

"Complex and messy", is how administrators are describing Bathla Group's financial arrangements, as they try to stave off the collapse of the NSW major developer with debts totalling more than $3 billion. While they've warned that the business does not have enough money to survive until the end of this week unless it secures an urgent injection of funding to pay staff, the administrator Teneo is extending a glimmer of hope to home buyers that they will eventually receive their keys. Teneo's senior managing director, Stephen Longley says the strategy involves a two-step funding process. The first round of funding will secure what is needed to complete Bathla's projects. The second round will fund the projects themselves. The administrator says most of the 45 projects, which are currently under construction should be completed by February or March next year, and see around 2,500 new homes added to supply. However, he says the challenge with completing the projects will be paying the

Tags: Australia, abc, abc news, news, business news, finance news, economic news, economy, finance, the business, abc news australia, the business abc, bathla, property developer, batha group, administrators, Teneo, Stephen Longley, NSW, property