Creditors for the graffiti-covered Oceanwide Plaza towers in Downtown Los Angeles have struck a deal to get the $1.2 billion development out of bankruptcy. The new bankruptcy-exit agreement, which settles a dispute between creditors over the residential complex, sets the stage for a potential sale after Oceanwide Holdings invested approximately $1.2 billion in the effort, Bloomberg reported. An unnamed investor is already negotiating to buy the property, according to Bloomberg. Oceanwide filed for bankruptcy in 2024 and has failed to attract a buyer since then, in part due to the cost of completing the project and preparing for residential and […]
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