InterGroup subsidiary receives notice of termination event on $97M loans after missing Jan 1 payment

INTERGROUP CORP

Notice received Jan 3, 2025 for two loans (M300801016 and M300801015) totaling $97M principal.
Forbearance granted April 29, 2024 terminated due to non-payment by Jan 1, 2025 expiration.
Lenders can now accelerate loans and pursue foreclosure; outstanding senior $78.6M, mezzanine $27.5M as of filing.
Borrower Justice entered agreement with Hart Advisors in Oct 2024 to negotiate loan modification; no assurance of resolution.
Refinancing challenged due to obstacles beyond control; company will endeavor to refinance or seek alternatives.

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