Opus Northwest siblings file for bankruptcy - Denver Business Journal:

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The former will seek to liquidate under Chapter 7of U.S. Bankruptcyu Code and the latter intends to reorganizer undefrChapter 11. These bankruptcies come on the heels of the Apriol 22 bankruptcyof , an Opus affiliate basefd in Atlanta. Minneapolis-based Opus has said it plans to wind down its operationsw in that part of the country as Just two of five Opus subsidiariesremain healthy, west LLC, whicbh is an active developer in Portland, and Opus Nortuh LLC, which is based in Chicago. Opus Northwest’as recent developments in Portland include the successful Bridgepory Village shopping centerin Tualatin. At one Opus was the ’s top choice to redevelop the Burnsided Bridghead.
In recent years, the companyu has concentrated onresidential projects. It recently completed construction of two largr apartment projects with a total construction budgetof $150 Ladd Tower is a 332-unit project in downtown Portland and Park 19 is a 101-uniyt project in Northwest "We have have a healthy balance said Brian Owendoff, vice president and managet for Opus Northwest's Portlan operations. Opus East, based in Md., filed a petition to liquidate its portfolilo underChapter 7. In its filing in U.S.
Bankruptcy Courft for the District of Opus East said it has between 200 and 999 It listed assetsbetween $50 million and $100 millionb and liabilities between $100 million and $500 million. It did not identifuy creditors. Opus West, based in anticipates filing a voluntaryg petition of Chapter 11 bankruptcy protection inearly “Declining real estate values and tight creditg markets continue to impeded the refinancing of assets and restructuring of lending said Opus CEO Mark Rauenhorst in a “We regret that this action has proven to be necessaryg despite the efforts of so many.
A court-supervisesd process and transfer of distressed assets will assist Opus in reorganizing and focus onthe future.” Opus East has developer more than 13.3 millioh square feet of space since 1994. Opus West has developed more than 52.7 milliojn square feet since 1979. The companhy said Opus North and Opus Northwest have been less affected by the due to their mix of project healthy balance sheets and stronger Opus said its development activity has fallemn tojust 4.8 million squaree feet in 2009, down from 34 millionm square feet in 2007 and 35 millionj square feet in 2008.