Portsmouth Square receives loan default notice; $97M debt may be accelerated

PORTSMOUTH SQUARE INC

Notice of termination event received Jan 3, 2025; Justice failed to pay $97M principal by forbearance deadline Jan 1.
Outstanding senior loan $78,640,922 and mezzanine loan $27,501,893 as of filing date.
Lenders can accelerate loans and foreclose; company cannot predict timing of enforcement.
Refinancing efforts with Hart Advisors and PCCP ongoing; no assurance of favorable resolution.

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