Collapsed major Sydney developer Bathla Group appears to have staved off the immediate threat of liquidation, after its administrators extended a self-imposed deadline for $20 million in funding from the group’s private lenders for another 24 hours.
Teneo was appointed after Bathla entered voluntary administration last week owing debts of more than $3.3 billion. The administrators had been negotiating with the dozens of private lenders who had propped up the company over years to obtain short-term funding to pay 350 staff and complete almost-finished construction projects.