A portion of Jon Adgemis’ Public Hospitality Group’s debt has reportedly been taken over by senior lender, Archibald Capital, from Macquarie.
The Australian Financial Review revealed that the long-suffering lender, Macquarie, had sold its entire debt exposure to Archibald.
Archibald, who is already holding the mezzanine debt at the holding company level, sought to strengthen its position as concerns are raised about Public Hospitality Group’s (PHG) high debts.
This will allow Archibald to further influence the future of PHG’s pubs and hotels.
The trade follows PHG’s pursuit of a $450 million in refinancing, which includes Oaktree Capital and Nomura, who were other interested potential investors.
Sources are now saying Mr Adgemis is considering splitting the portfolio and negotiating with a credit fund for venues that are not yet open, however other pubs which are already trading, are seeking financing from other creditors.
Source: The Australian Financial Review.
