The amount has almost doubled since February, when they became the first Premier League club to go into administration. They had debts of between £60m-£70m at the time.
Creditors met on Thursday to discuss an offer from the club to pay around one-fifth of what they owe non-football creditors. Football creditors, including former players and clubs owed transfer fees, must be paid in full.
Pompey owe around £17m to other clubs, while HM Revenue & Customs are owed marginally more at £17.1m.
Gordon Taylor, chief executive of the Professional Footballers' Association, claimed the club kept the truth about their financial problems away from players.
"They were being misled because it was almost impossible to find out the reality of situation," he said.
"The more [the PFA] inquired, the worse it got. There were too many people involved there - far too many chiefs and perhaps not enough Indians."
Bristol City have released nine players, including striker Lee Trundle. City paid £1m to Swansea City for Trundle in July 2007, with him scoring twice on his debut against Scunthorpe that August.
Brian Wilson, Steve Collis, Frankie Artus, Tristan Plummer and Ashley Kington have also left Ashton Gate.
Loanees Evander Sno, Patrick Agyemang and Andrius Velicka have also been told they are not wanted on permanent deals.
The fomer Sporting Lisbon and Standard Liege manager Laszlo Boloni is one of the more high-profile candidates to apply to become manager of Coventry City, who sacked Chris Coleman earlier this week.
"I have a French style of coaching and a lot of experience in France, Belgium and Eastern European football in Romania and Hungary, but I have the capacity to adapt very quickly and I want this challenge to manage Coventry City," he told the Coventry Telegraph.
"I know the Championship is more physical than the Premier League but I like the physical presence and at the same time I like to play good, attacking football. This is my style and I am ready to do a good job at the club."
The Derby County defender Shaun Barker and winger David Martin will have surgery on knee injuries but are expected to be fit for the start of the season.
"Both are routine operations, they will have a week or two prior to pre-season to get themselves in good shape," said Rams boss Nigel Clough.