Jon Adgemis’ pub group rescue plan approved despite ATO objection

·

A rescue plan for Jon Adgemis’ Linchpin Group (formerly Public Lifestyle Management – a key pillar of his Public Hospitality Group), has been approved despite a last-minute attempt by the Australian Taxation Office (ATO) to block it.

Adgemis, a former KPMG deal-maker, must pay $400,000 by Friday, January 10 to finalise the deal, which aims to settle $64 million in debts with a $7.7 million plan, including a $1 million cash payment and a $6.7 million convertible note from Archibald Capital.

While staff will receive full entitlements, unsecured creditors will only recover 13.3 cents on the dollar.

Peter Crinis and Jon Adgemis. Photo: David Swift.

The plan covers only part of the group’s debts, and if Adgemis fails to meet payment conditions by March 2025, the deal may collapse.

Adgemis is also facing legal battles, including a court case with his former business partner, Peter Crinis, and multiple claims from lenders, such as Milbrook and Angas Securities, over properties and assets. Adgemis’ yacht has also been seized.

Despite approval, concerns about financial mismanagement, including allegations of withdrawing $9 million from the business, remain unresolved.

Source: The Australian Business Review.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

St George Saints’ youth unable to contain hot shooting Hornets

St George Saints Mens White team returned home last weekend after a three-game road trip to take on last seasons semi-finalist Hills Hornets.

Beloved Greek actor Nikos Galanos dies aged 79

Nikos Galanos, one of the most beloved faces of Greek cinema and television, has passed away after a year-long battle with cancer.

Nationals split from Liberals, reject Coalition agreement after election

The National Party has announced it will not re-enter into a formal coalition with the Liberal Party. Find out more here.

Greece honours Greek Genocide victims as Turkey rejects ‘delusional’ historical facts

Turkey has labelled statements on the Greek Genocide as “delusional” and rejected what it called “unfounded” historical claims.

Evzones in Athens wear Pontian costumes to honour victims of Greek Genocide

The Presidential Guard of Greece paid a moving tribute to the victims of the Greek Genocide on Sunday, May 19.

You May Also Like

Greek Film Festival officially opens in Sydney and Melbourne

The Greek Film Festival officially opened in Sydney and Melbourne on Thursday, October 13 to huge crowds and plenty of excitement.

Grigoris Polychronidis wins silver medal in Boccia at Tokyo Paralympics

Grigoris Polychronidis has won the silver medal at boccia for Greece at the Tokyo Paralympic Games this year.

Traditional Greek Recipes: Five dishes for Lent (Sarakosti)

A Greek dish doesn't have to contain meat to be delicious. Here's a list of our five favourite recipes for Sarakosti.