At Bathla’s first creditors’ meeting, administrator Teneo said it was in “positive discussions” with five lenders over funding to keep construction going, with Monday morning the key deadline.
Teneo senior managing director Stephen Longley said in the virtual call that he hoped to have the funding arrangements in place by the end of today, but they were giving themselves until Monday morning.
If the five lenders provide funding, construction on their sites can continue, but administrators say they “probably won’t be able to support” construction on sites whose lenders are not participating.
Bathla Group has been teetering on the brink of collapse. (ABC News: John Gunn)
Administrators estimate supporting construction would cost the business…