Key facts
- Bathla Group has been granted a one-year extension to complete its unfinished projects.
- The extension for the Australian developer's administration is until September 13, 2027.
- Bathla Group entered administration last month with A$3.4 billion in debt.
- The company's ability to complete projects depends on securing further funding from lenders.
- Bathla Group has 22,000 apartments and 3,500 homes under development.
- The group had 45 unfinished sites when it entered administration.
SYDNEY, Sept 18 (Reuters) - Debt-laden Australian developer Bathla Group has received a one-year extension from the Supreme Court of New South Wales to complete its unfinished projects, which were left in limbo when the company entered administration last month. The extension, granted on Friday, pushes the administration deadline to September 13, 2027.
Administrators Teneo Australia, which took control of Bathla last month to manage its A$3.4 billion debt pile, stated that the company's progress remains dependent on securing further funding from lenders. Stephen Longley, an administrator, noted that the extended timeframe is necessary due to the scale of the company's construction projects, which include 22,000 apartments and 3,500 homes under development across 45 unfinished sites.
More than 200 of Bathla's 350 staff were stood down last week, though Teneo secured short-term funding to allow some construction to continue. Longley emphasized that securing lender funding is an immediate priority, with ongoing discussions.