Former KPMG dealmaker turned Sydney pub baron Jon Adgemis is seeking another extension on a $1 million repayment to former staff and property managers, having only partially met his latest deadline.
According to The Australian, Adgemis has paid just $400,000 of the $1 million promised under a debt rescue deal, with a further $6.7 million due in September.
A spokesperson confirmed he is “currently in the process of agreeing to a short extension for the balance” with administrators BDO.
The repayment deal is part of a broader rescue package for Public Hospitality, Adgemis’ once-sprawling empire of 20+ pubs and venues across Sydney and Melbourne.
Despite ongoing renovations to five key sites, lenders have imposed strict oversight via McGrathNicol, controlling cashflow and requiring approval for all spending.
Meanwhile, The Australian Financial Review reports that Adgemis faces a separate $26 million bankruptcy claim from Monaco-based Richard Gazal, after losing a key court battle.
A bankruptcy petition was filed this week, and a dispute with La Trobe Financial could see Adgemis and his family evicted from a multimillion-dollar home in Rose Bay.
