The liquidation company KordaMentha has intervened with Public Hospitality Group’s (PHG) Jon Adgemis’ potential $500 million debt deal with Bain Capital.
The Australian revealed that Tim Fitzgerald, a partner at KordaMentha, reached out to Adgemis’ lenders, seeking to address the ongoing debt situation.
In an email seen by The Australian, Mr Fitzgerald told a lender that he understood refinancing attempts were stalling between PHG and Bain Capital, noting his firm wanted to discuss with the lenders how KordaMentha could assist.
But despite reports of a potentially collapsed deal, the negotiations continue with Bain Capital insisting on exclusivity and upfront payments.
PHG now faces more challenges, including high interest rates and pending renovations.
A spokeswoman for KordaMentha stated that the firm was “not engaged to advise any party in respect to PHG,” further noting that it was not prompted by Bain Capital to reach out to the pub group’s lenders.
Source: The Australian.
