In short:
Beleaguered property developer Bathla Group will survive for another two weeks after administrators secured a temporary lifeline.
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administrators → survive → lifeline
More than 200 staff have been stood down, while only some projects will be able to carry on.
What's next?
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What → stand → ?
Administrators say they still need more funding commitments if the group is to last beyond the next fortnight.
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group → say → fortnight
The debt-ridden Bathla Group has reached a short-term funding agreement with five of its lenders which will continue its survival for another two weeks.
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which → reach → weeks
The property developer's administrator, Teneo, says this funding will allow construction to continue on those lenders' construction projects.
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construction → say → projects
However, construction on other projects will be suspended today, resulting in approximately 213 employees being stood down.
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employees → suspend → projects
The group has around 350 employees, many of whom are on working visas, who found out their fate this morning at an all-staff meeting.
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who → have → meeting
Administrators would not reveal which lenders had provided the temporary lifeline or which of Bathla's 45 active projects were still going ahead.
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which → reveal → projects
However, the ABC understands the five lenders include La Trobe, PAG, Centuria Bass and Ray White Capital.
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lenders → understand → Trobe
Sites belonging to lenders who did not provide funding to Bathla's administrators have been suspended, the ABC understands.
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ABC → belong → administrators
Those lenders will need to find a new building licence if they wish to take over the sites and pay subcontractors directly, it is understood.
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it → need → subcontractors
Last week the ABC confirmed that a 312-apartment block development in Pemulwuy in Sydney's west is going ahead after the lender PAG committed to continue paying contractors directly.
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lender → confirm → contractors
An 82-apartment block in Richmond and an estate in Vineyard in western Sydney are also going ahead, it is understood.
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it → go → Sydney
A 68-unit block in Sydney's Castle Hill is not part of the rescue, nor is
Administrator Stephen Longley said today that although funding had been secured, they needed more if the group were to be able to keep functioning in two weeks.
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group → say → weeks
"The arrangements agreed today allow us to provide the central support required for construction to continue on projects associated with the lenders participating in the funding package," Mr Longley said in a statement.
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Longley → agree → statement
"Significant work remains to secure the funding required to progress and ultimately complete all projects currently under construction.
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work → remain → construction
"We will continue to work closely with lenders and other key stakeholders to pursue those arrangements."
Embattled developer
Bathla plunged into administration at the end of August after being unable to pay its $3.4 billion in debts.
Teneo managed to reach an 11th-hour funding deal last Thursday to meet Bathla's payroll obligations that day, after revealing that some staff had not been paid for eight weeks.
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staff → continue → weeks
Administrators estimate supporting construction would cost the business about $1 million to $1.3 million a week, depending on which projects continue.
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projects → estimate → million
Its administration has left the fate of 200 projects across NSW in jeopardy, with roughly 2,000 homes under construction and another 13,000 in its development pipeline.
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administration → leave → pipeline
Administrators had tried tapping existing lenders for extra funds and in late August asked the New South Wales government for a $20 million lifeline to keep the business afloat.
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Administrators → try → business
However, the state government refused to offer any bailout money.
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government → refuse → money
The ABC previously reported on Bathla's tenuous debt position revealed during its first creditors meeting held on Friday.
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ABC → report → Friday
Bathla Group owes known creditors about $3.4 billion, based on preliminary figures, with the vast majority, $3.08 billion, owed to secured lenders.
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Group → owe → lenders
Bathla also owes about $145 million to the Australian Taxation Office, $42 million in land tax and $130 million to other unsecured creditors.
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Bathla → owe → creditors
About $4 million is owed to employees for wages and superannuation.
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million → owe → wages
Administrators also put the preliminary stated value of Bathla's 219 sites at about $4.9 billion.
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Administrators → put → billion
The Aporia
