There’s plenty of movement at Jon Adgemis’ Public Hospitality Group – and that’s not just the angry creditors waiting to see some money!
The former KPMG dealmaker’s hospitality empire was saved from collapsed by a mega refinancing agreed to with Deutsche Bank several weeks ago now. But Street Talk understands major lender Deutsche Bank has traded positions in five assets to US private credit group Muzinich recently, effectively dumping its entire exposure to a pool of partly refurbished assets belonging to the pubs and hotel roll-up.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
