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.
Some lenders have already frozen investor redemptions because their money is tied up in Bathla projects. For example, Centuria Bass froze $670 million in redemptions. Another lender, 360 Capital, has paused trading of its ASX-listed securities.
