Bathla Group lays off roughly 200 workers while seeking a $3-5 million rescue loan
The debt-laden property developer Bathla Group has stood down about 200 employees as it negotiates a small emergency loan to keep its administration afloat.
Around 200 staff members have been placed on standby by Bathla Group, which entered administration in late August with $3.4 billion in creditor claims. A limited group of lenders is discussing a loan ranging from $3 million to $5 million to sustain the company's cash flow. The funding talks come as the firm scrambles to avoid further financial collapse.
Why it matters
The layoffs and funding scramble highlight the fragility of a major real-estate firm with billions in debt, affecting jobs and creditor recoveries.
In this story
Bathla Groupstaff stand-downemergency funding talksloan negotiationadministrationproperty developercreditor debtlayoffs
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