Graffiti towers agreement clears a path for clean up [Los Angeles Times (CA)]
Fidelity National Financial, Inc. (FNF)
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Source: Los Angeles Times
The settlement resolves creditor disputes and clears obstacles for a potential buyer to acquire the long-troubled skyscraper before the 2028 Olympics. Downtown Los Angeles' infamous eyesore is one step closer to being cleaned out. The skyscraper known as the Graffiti Towers — officially the Oceanwide Plaza development — has reached a bankruptcy exit agreement that paves the way for a potential sale, court records show. A federal bankruptcy judge on Tuesday signed an order approving the agreement , which was filed on Jan. 28 and resolves various disputes between creditors. Lawyers for Oceanwide argued in the Jan. 28 court filing that the agreement would put an end to “value-destructive litigation” and allow Oceanwide to focus on selling the project and confirming a plan. “A prompt sale and eventual completion of the Project is a major priority for the City and the public at large, particularly with the upcoming 2028 Olympic Games in Los Angeles,” Oceanwide's lawyers wrote.
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