Jon Adgemis’ $1.5bn bankruptcy discussed in December 2024, records show
Businessman Jon Adgemis sought help from former Climate 200 financial adviser Damien Hodgkinson to save his crumbling pub empire as debts climbed to $1.5bn.
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Sydney pubs entrepreneur Jon Adgemis first discussed his potential bankruptcy in December 2024, according to documents lodged by his bankruptcy trustees.
Mr Adgemis met with WPL Restructuring on December 4, at the office of his adviser, Olvera Advisers, to discuss “possible insolvency options”.
This meeting came as Mr Adgemis was nutting out a potential peace deal with creditors after American private lender Muzunich tipped a chunk of his former pubs empire into insolvency.
Olvera has played a key role in Mr Adgemis’ journey; the firm’s principal Damien Hodgkinson is founder of the Linchpin group, which manages several venues Mr Adgemis controlled.
Mr Hodgkinson also played a key role in the Teals political movement, as a financial controller, shareholder, and director of Climate 200. He became embroiled in scandal after allegedly incorrectly recording a $100,000 donation for Warringah MP Zali Steggall, which was split into eight different donations to come in under disclosure thresholds.
Mr Adgemis had proposed to creditors in late 2024 that he would cough up enough money to pay some hospitality staff entitlements on the promise that renovations at several venues would be completed.
Just two months after getting this deal over the line, he met with WPL which issued him an engagement letter.
Mr Adgemis handed over $400,000 to his creditors in February, but a $600,000 subsquent payment due by March 31 was extended to April 30 by agreement with administrator BDO, the same day he again met with the bankruptcy advisers.
A third and final payment promised to make staff whole - a further $6.7m - is yet to be met.
Mr Adgemis discussed with WPL “the proposed appointment, preparation of the Debtor’s Statement of Affairs form and provision of background information”.
Mr Adgemis and Olvera met with the bankruptcy advisers on May 21, almost a month later, “to receive a brief overview of the debtor’s creditor position”.
But the move to pull the pin on Mr Adgemis’ ballooning debts, revealed this week to be $1.5bn, didn’t happen until June 20 when the former KPMG dealmaker signed the engagement letter.
It comes as Monaco-based businessman Richard Gazal pursues Mr Adgemis through the courts over a $26m debt.
Mr Adgemis plans to offer his creditors a $3m sweetener if they agree to a debt deal on August 1 offering them 0.17 of a cent for every dollar lent, and allow Mr Adgemis to remain a company director.
If made bankrupt, Mr Adgemis risks losing what remains of his business empire.
WLP has previously orbited one of Mr Adgemis’ key backers, having worked with private credit lender Gemi Investments.
It said its history with Gemi was not “a conflict of interest or duty”.
Gemi investments is owed as much as $395m across 23 different loans to companies linked to Mr Adgemis for which he has provided a personal guarantee.
Sources close to the strife note the $1.5bn headline figure reflects the profusion of personal guarantees inked by Mr Adgemis, and that the headline figure could be lower after the disposal of the pubs behind these guarantees, as is expected.
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Originally published as Jon Adgemis’ $1.5bn bankruptcy discussed in December 2024, records show
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