More than two weeks after Bathla Group entered voluntary administration, the company is still standing.
But only just.
Since Teneo took control of the Western Sydney developer, the administration has lurched from one deadline to the next as it scrambles for cash.
At several points in these frantic first weeks, shutdown loomed.
Each time, Bathla found enough money to survive a little longer.
Its latest reprieve came on Monday, when five lenders agreed to provide between $3 and $5 million to keep a much smaller Bathla running for another two weeks.