Breaking: Lenders pull out of Bathla group as construction work halts across sites
Building work has stopped at sites and company is down to skeleton staff.
Balibago Building Blunder$BBB
Topic: Housing Construction Industry
Bathla Group has been teetering on the brink of collapse. ( ABC News: John Gunn )
Administrators of failed property developer Bathla have reduced staff down to a "skeleton" and will cease construction work after all but one lender backed out of plans to prop up the company.
Only a core team will be retained to support the ongoing administration, with administrators Teneo working with lenders on the orderly sale of Bathla's subdivision and land-bank sites.
Support for sales and settlements will also stop.
It comes after administrators had initially secured a short-term funding deal from six lenders to continue on 14 of those lenders' construction projects.
All other construction projects were suspended while 213 staff were stood down at the beginning of September in the wake of the deal.