ADMINISTRATORS for a major housing developer have met a crucial funding deadline but negotiations to keep the group afloat remain ongoing.
Insolvency advisory Teneo has been scrambling to secure $20 million in short-term funding for the embattled Bathla Group since it entered voluntary administration in late August.
As administrator, Teneo set a deadline of Thursday to secure the cash injection, which is when payroll for Bathla’s staff fell due.
On Thursday afternoon, Teneo announced it was yet to secure the short-term funding it is seeking from lenders but enough cash had been found to pay wages accrued since August 25.
The partial payment covers the period since Teneo was…