Bathla workers stood down as company struggles to stay afloat

Staff of major property developer Bathla group have been stood down as the company struggles to stay afloat.The Bathla Group fell into the hands of administrators earlier this week, unable to pay its debts which topped $3.2 billion.The administrators stood down staff at the property developer's headquarters today as the firm seeks an urgent cash injection.The company is seeking a $40 million cash injection to see it through until the end of September.The ABC understands the developer has also approached the Minns government for a lifeline to see it through the remainder of the year.Several private credit firms have lent money to the developer, some of which have now limited investor redemptions.About 2,000 homes are under construction across the group, and about 13,000 more are in its development pipeline.Bathla is one of Sydney's most prolific residential developers, particularly across the city's west.The company blamed a "perfect storm" of conditions for its collapse, including softening home sales, the federal government's property tax changes and high costs.