Put the summary of the bug you're having here
What I expected to happen was...:
For my world to load
What actually happened was...:
Minecraft was stuck on the Downloading terrain screen
Steps to Reproduce:
1. Launch minecraft
2. open singleplayer world made before 1.8
3. ...
Related issues
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Please attach the complete output of the "Game Output" which can be found on the fourth tab of the launcher.
If the launcher closes after game start, please edit your profile and select "Launcher visibility" then, "Keep the launcher open".

The entire game output text from when the world is started to when the game crashed. Also attached is the accompanying crash report(in case it helps in any way).

You're running out of memory:
Caused by: java.lang.OutOfMemoryError: Java heap space
Memory: 403857312 bytes (385 MB) / 523501568 bytes (499 MB) up to 523501568 bytes (499 MB)
Assign more memory to Minecraft, see MC-12949
This is a technical support issue; this site is for bug reports only. For technical support please use the Mojang Support Center.

Most probably - due the low memory - that world is broken now, see MC-2545
Restore a backup
Assign more RAM
Reopen the world in 1.8