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Property developer Bathla Group entered voluntary administration late last month after running out of cash, leaving $3.6 billion in private‑credit debt, 2,000 homes mid‑construction, and 15,000 planned dwellings in limbo.
Around 40 private credit funds are owed more than $3 billion, including PAG, Balmain, Trilogy, Centuria Bass, Ray White Capital, and La Trobe Financial.
Larry Kaine, managing partner at Corporate Recovery Partners, warned that Bathla’s collapse is “unprecedented” and could be the biggest in Australian corporate history, with ramifications across the economy.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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