Oceanwide Plaza LLC is the debtor in an involuntary Chapter 11 case in the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division (Case No. 2:24-bk-11057-DS). The petition date is February 13, 2024, and the court entered an order for relief on March 11, 2024 (as summarized in the blog research folder). The case centers on the partially completed Oceanwide Plaza mixed-use development project in downtown Los Angeles. Early case activity focused on securing postpetition liquidity and establishing a sale process: the debtor sought and obtained approval of a $10 million DIP facility, with an interim order entered on April 26, 2024 (Dkt. 176) and a final order entered on May 16, 2024 (Dkt. 229). The DIP was described in the blog draft as priced at Prime + 3.50% (8.50% floor, 14% cap) with an 18% default rate. The court entered bidding procedures on June 21, 2024 (Dkt. 276), and the posture described in the research is consistent with a liquidation/sale-oriented trajectory. The U.S. Trustee moved to dismiss or convert (or require insurance by a deadline) on June 26, 2024 (Dkt. 294), highlighting insurance-related compliance issues. A disclosure statement approval order entered on September 9, 2024 (Dkt. 444) set a confirmation schedule, but the blog research notes that a confirmation order was not located via type filters at the time of compilation.
