Bathla Group’s administrator revealed the scale of unsecured debts as talks continue to prevent liquidation. Unsecured creditors have extended A$130 million ($94 million) in debt, while secured lenders represent A$3.1 billion, according to slides seen during a Friday creditor meeting. The total value owing to known creditors is about A$3.4 billion.

This is the first indication of the size of the various creditor categories. Appointed last month after falling into insolvency, Bathla has borrowed heavily in the private credit market and faces a slowdown in sales amid Australia’s real estate slump alongside rising construction and funding costs. Since the insolvency, Teneo has been attempting to rally near-term funding and said earlier this week it was seeking around A$20 million.

Several private lenders are talking to Teneo about potentially providing a stopgap of about A$4 million. "We are in positive discussions with five lenders," Stephen Longley, one of the administrators, said during the meeting. "Hopefully we’ll get that in place by the end of today," he said, although finalizing may extend into next week. The additional funding would support construction on projects already backed by those five lenders, while construction on other projects would not continue on Monday. Teneo said a number of Bathla’s lenders issued default notices and statutory notices of demand ahead of the firm’s appointment.