Bathla administration cuts staff to skeleton crew as lenders withdraw support
Administrators of the insolvent developer Bathla have slashed its workforce to a minimal team and will halt all construction after all but one lender pulled funding.
Teneo, acting as administrators for the collapsed property developer Bathla, confirmed that the company will operate with a skeleton staff and cease all building work after lenders withdrew their backing. Only a small core team will stay on to oversee the administration process and coordinate the orderly sale of Bathla's subdivision and land-bank sites. The short-term financing previously arranged with six lenders for 13 projects has now been fully spent, prompting the suspension of all other construction sites.
In early September, 213 workers were stood down, shrinking the workforce from about 350 employees. The administrators also said that assistance for sales and settlements will end, and further discussions with lenders about additional support will be postponed until next week.
Why it matters
The shutdown threatens housing projects and jobs, highlighting risks in the property sector and lender exposure.
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