"The City of Los Angeles is eager to see an expeditious close on the Oceanwide Plaza site to new ownership following the April 9, 2026 hearing."
"The city has identified issues with the purchase agreement that requires landing entitlements and financing, its attorneys said, without much further clarification."
"Los Angeles County has an issue concerning delinquent property taxes to the tune of $40 million, per its opposition."
"The debtor, Chinese conglomerate Oceanwide Holdings, promised the county's tax liens would be the first paid off post-sale."
The bankruptcy court has postponed the confirmation hearing for Oceanwide Plaza from April 9 to May 19, following the City of Los Angeles' request for more time. The city aims to evaluate the proposed buyer, KPC Group and Lendlease, regarding their ability to finalize the deal and secure financing. Additionally, Los Angeles County has raised concerns over $40 million in delinquent property taxes, claiming that the debtor promised to prioritize tax liens post-sale. These complications contribute to the ongoing uncertainty surrounding the skyscraper project.
Read at therealdeal.com
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