A federal bankruptcy court clears the path for the sale—and potential completion—of Oceanwide Plaza, a stalled Los Angeles development often nicknamed the “Graffiti Towers” after spray-painted graffiti on the abandoned site. Bloomberg reports the project, valued at about $1.2 billion when it entered bankruptcy, is approved for exit from bankruptcy, with prospects for sale and possible completion coming more than seven years after the original Chinese developer ran out of funds. The New York Post says the court approved a revised liquidation plan, which facilitates a roughly $470 million sale. Both accounts describe the approval as coming from the U.S. Bankruptcy Court for the Central District of California. The New York Post adds timing context, saying the updated plan supports the transaction ahead of the 2028 Olympics. Together, the reports indicate the bankruptcy proceedings reach a key procedural step, allowing the developer’s assets for Oceanwide Plaza to move toward sale and determining whether the project can be restarted. The specific terms of who will buy the property and what redevelopment would include were not detailed in the provided excerpts.