Hopes for crumbling property developer Bathla Group are deteriorating fast as a crucial deadline was brought forward while some lenders took action into their own hands.
Bathla’s administrator, Teneo, has said it is preparing to shut down the company by the end of the day as hopes of securing $20 million in emergency funding fade away.
The realisation came after a meeting with lenders on Monday night failed to secure the commitment needed.
Teneo senior managing director Stephen Longley told Nine’s Today Show: “We’ll start planning at the end of the day for the wind down of the business,” and said the situation was “very dire”.
Stephen Longley implored someone to step forward to save the business at a press conference on Monday. (ABC News:…