Jon Adgemis races for rescue deal in talks with Deutsche Bank

Deutsche Bank has emerged as the most likely lender to refinance Public Hospitality Group, the heavily indebted pub empire run by former KPMG deal maker Jon Adgemis.

As first revealed by The Australian Financial Review’s Street Talk column, Bain Capital walked away from a $500 million refinancing of his empire earlier this month. Mr Adgemis had been struggling to come up with a $2.5 million bond the firm had demanded. Bain had used consultants to survey PHG’s suppliers to be assured of the true size of his debts, sources said.