Attempt to save construction giant falls through

Teneo, administrators for the collapsed Bathla Group, announced on September 7 that they had ceased operations after all but one lender decided not to provide further funding, halting construction work across multiple sites. Initially, six lenders provided a $4.7 million short-term deal to keep 13 of their projects running and stand down 213 staff from other projects. However, this funding was exhausted, leading to the suspension of all remaining projects. The group originally had around 350 employees before layoffs began. With debts totaling $3.4 billion, Teneo now aims for an orderly sale of Bathla's subdivision and land-bank sites while retaining a core team to manage asset realization. This move affects hundreds of workers and potentially disrupts ongoing construction projects in Sydney.