INTERGROUP CORP (INTG): debt financing — Subsidiary Justice Operating receives default notice on $97M loans; acceleration and foreclosure possible

INTERGROUP CORP

Default notice received Jan 4, 2024 for $97M principal loans to Justice Operating Company, LLC (wholly owned subsidiary of Portsmouth Square, Inc.).
Lenders may accelerate loans, foreclose on collateral, and pursue other remedies under loan documents.
Company engaged Hart Advisors Group to negotiate loan modifications; no assurance of favorable resolution.
Loans had maturity date Jan 1, 2024; negotiations under review by senior lender's special servicer LNR Partners.

item 2.04 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

INTERGROUP CORP reported a default on loan of $97 million principal amount with various institutional lenders.

Instrument: loan
Principal: $97 million principal amount
Counterparty: various institutional lenders
Event: default

Exact text from the filing

On January 4, 2024, The InterGroup Corporation (the "Issuer" or the "Company") was made aware of a notice of default (the "Notice") issued to Justice Operating Company, LLC, which is the wholly owned subsidiary of Portsmouth Square, Inc. ("Justice") and received by Justice as of that date. The Notice states that the $97 million principal amount in loans made to Justice by various institutional lenders, known as Loan No.: M300801016 / Reference No.: SS57524 and Loan No.: M300801015 / Reference No.: SS57523, are in default.

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283 debt financings filed in the last 30 days. Browse all debt financings →

INTERGROUP CORP filing history →

Source: SEC EDGAR

accession 0001493152-24-001934

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