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Bathla Group Faces Imminent Collapse as Lenders Fail to Deliver $20 Million

A failure by private lenders to provide emergency cash could force liquidation of sites, leaving contractors, buyers and migrant workers unpaid.

The clock is ticking for a major housing developer to secure last-minute funding. (Dan Himbrechts/AAP PHOTOS)
A property giant with a $3.5 billion debt has run out of cash to pay workers, leaving thousands of Western Sydney homes half-built and buyers in limbo.
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Overview

  • Administrators Teneo say they need a short-term $20 million injection to meet payroll and fund near-complete projects or else begin a wind-down, with payroll due on Thursday.
  • Teneo has advanced $1 million from its own head office to keep minimal operations running while negotiating with more than 40 private lenders but reported that a Monday meeting produced no broad rescue commitment.
  • Some private creditors have stepped in on individual sites with lender PAG committing to continue paying contractors at a 312‑apartment Pemulwuy project, while other worksites remain exposed.
  • About 350 head‑office staff have gone unpaid for eight weeks and administrators warn redundancies will follow if short-term funding is not secured, risking visa, wage and superannuation problems for migrant workers and subcontractors.
  • Bathla’s collapse would put roughly 200 projects at risk, including about 2,000 homes under construction, and highlights the growing reliance on private credit for housing delivery after the NSW government declined to provide a bailout.