The former KPMG dealmaker will likely stay on as executive chairman of his Public Hospitality Group after reaching a deal with Deutsche Bank to avert collapse.
Already a subscriber?Former KPMG dealmaker turned publican Jon Adgemis has struck a $400 million refinancing deal with a consortium led by Deutsche Bank, saving his hotel empire from collapse but forcing him to sell a handful of assets to pay off heavy debts.
The funding will be used to pay staff, suppliers, and creditors, they added. As part of the deal a new general manager with hospitality industry experience is expected to be appointed to manage the group’s venues. Mr Adgemis will stay on as executive chairman.
The group has become so weighed down by debt, some lenders started trying to sell off his properties, staff were left out of pocket and suppliers, were unpaid.Under the deal with Deutsche Bank, about $30 million is to be set aside for completing the re-development of hospitality venues such as Noah’s Backpackers in Bondi, where Mr Adgemis has yet to finish the renovation, sources with knowledge of the discussions said.
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