A last-ditch attempt from bankrupt dealmaker Jon Adgemis to claw back part of his collapsed pub empire has fallen apart after the businessman missed a deadline to pay $6.7 million to buy back five hotels.
Adgemis had been attempting to buy back the pubs which were put under receivership in September. At the time, New York lender Muzinich & Co called in insolvency specialists FTI Consulting as receivers for Oxford House, The Exchange in Darlinghurst, The Norfolk, The Strand Hotel and Camelia Grove Hotel, all in Sydney. BDO was appointed administrator of Public Lifestyle Management, the operating company behind the assets.
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