The potential buyer that was supposed to set the bar for bids on Oceanwide Plaza has reportedly backed out.

The so-called stalking horse bidder “did not meet deadlines” attorneys said in court Tuesday, according to The Real Deal. The attorneys didn't name the bidder. But Colliers, the brokerage working on the bankrupt property, said otherwise.

“Yesterday, press reports inaccurately stated that our group’s negotiations had broken down with our potential stalking horse buyer," Colliers said in a statement to Bisnow Wednesday. "This is false. We are working to finalize our agreement with this potential buyer, and will update the court and interested parties when there is additional information to share on this agreement. We look forward to a successful sales process, which has generated exceptional interest in the property from buyers around the world.”

The Wall Street Journal reported this week that the would-be buyer would offer $500M for the project, setting the floor for additional bids and winning the property if no higher bids came through. The project was most recently appraised at $434M by Colliers as part of the bankruptcy process, TRD reported.

In court filings from last week, representatives for ownership of the stalled mixed-use development in Downtown LA said that there were several potential stalking horse bidders to choose from.

Attorneys for the project said one of the challenges Oceanwide is dealing with is potential buyers “who are not used to the bankruptcy process,” according to TRD.

The project's developer was pushed into involuntary bankruptcy earlier this year by creditors including Lendlease, which says it is owed hundreds of millions of dollars on the project.

“We’re extremely optimistic that the sale process will be fruitful,” Bryan Cave Leighton Paisner partner Sharon Weiss said at the hearing, as reported by TRD.

The firm represents the development, which is moving through the Chapter 11 bankruptcy process.

Bids on Oceanwide Plaza are due Aug. 15, TRD reported. Qualified bidders will be able to participate in a Sept. 17 auction.

UPDATE, July 24, 3:35 P.M. PT: This story has been updated with comments from Colliers