Updated ,first published
More than 200 staff have been stood down from the collapsed Bathla Group after a weekend of crisis talks, as administrators confirmed construction on developments in Sydney would be suspended.
Bathla said in a statement on Monday that it had reached a short-term funding agreement with five lenders to enable limited operations to continue for a further two weeks, but 213 staff had been stood down and “construction on other projects will be suspended today”.
The developer, which has major projects across Sydney and thousands of properties in the pipeline, collapsed into voluntary administration on August 24 owing dozens of creditors $3.4 billion and has been teetering on the brink of liquidation.
Teneo senior managing director Stephen Longley, the administrator, said on Monday the immediate priority had been securing enough short-term funding “to maintain a minimum viable operating structure”.