A lending syndicate led by Deutsche Bank has recovered more than $109 million from the collapsed Public Hospitality Group, the empire built by Jon Adgemis.
The recovery follows the sale of five Sydney pubs that the syndicate took control of during the group's insolvency proceedings.
The asset sales mark a significant step in the wind-down of the hospitality chain, which has been under scrutiny since its failure.
The proceeds help offset the losses incurred by the lenders who financed the group's expansion.
The sale of the venues was executed as liquidators prepare to begin public examinations into the group's affairs this week.
The public examinations are expected to provide further details on the financial mismanagement and operational failures that led to the group's collapse.