More than 200 people stood down at embattled housing developer Bathla
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- More than 200 Bathla Group workers have been stood down as administrators seek emergency funding for the embattled Sydney-based developer.
- The short-term funding would allow construction to continue at only some of the company’s 45 sites, affecting about 60% of its workforce.
More than 200 workers at Sydney-headquartered Bathla Group have been stood down as administrators try to secure emergency funding and prevent the property developer from collapsing across its operations.
Insolvency advisory firm Teneo said new short-term funding arrangements would allow Bathla to continue construction at only some of its 45 sites. The firm did not say which projects would receive priority.
The stand-downs affect about 60% of Bathla’s workforce. The company’s administrators are seeking funds to keep parts of the business operating while they address its financial difficulties.
About this summary
Originally published by The Guardian. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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