Opus Northwest siblings file for bankruptcy - Memphis Business Journal:

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The former will seek to liquidate under Chaptefr 7of U.S. Bankruptcy Code and the latter intends to reorganizee underChapter 11. These bankruptcies come on the heelx of the April 22 bankruptchyof , an Opus affiliate based in Minneapolis-based Opus has said it plans to wind down its operationsw in that part of the country as well. Just two of five Opus subsidiarieesremain healthy, west LLC, which is an active developer in Portland, and Opus North LLC, which is basedd in Chicago. Opus Northwest’s recent developmentw in Portland include the successful Bridgeport Villagre shopping centerin Tualatin. At one point, Opus was the ’ s top choice to redevelop theBurnside Bridghead.
In recenr years, the company has concentrated onresidential projects. It recentlhy completed construction of two large apartmenrt projects with a total construction budgetof $150 Ladd Tower is a 332-unit project in downtown Portland and Park 19 is a 101-unitr project in Northwest Portland. "We have have a healthy balance sheet," said Brian vice president and managerd forOpus Northwest's Portland operations. Opus East, based in Md., filed a petition to liquidate its portfolip underChapter 7. In its filing in U.S. Bankruptcy Court for the Districtof Delaware, Opus East said it has between 200 and 999 creditors.
It listed assetsd between $50 million and $100 millio n and liabilities between $100 million and $500 million. It did not identifty creditors. Opus West, based in anticipates filing a voluntary petition of Chapter 11 bankruptcy protectionm inearly July. “Declining real estat e values and tight credit markets continuew to impede the refinancing of assets and restructurinhg oflending agreements,” said Opus CEO Mark Rauenhorstt in a statement. “We regret that this action has proven to be necessary despite the effortas ofso many.
A court-supervised proces s and transfer of distressed assets will assist Opus in reorganizingg and focus on the Opus East has developed morethan 13.3 million squarde feet of space since 1994. Opus West has developed more than 52.7 millionb square feet since 1979. The company said Opus Northu and Opus Northwest have been less affectex bythe recession, due to their mix of project healthy balance sheets and stronger markets. Opus said its developmenyt activity has fallen tojust 4.8 million square feet in 2009, down from 34 million square feet in 2007 and 35 million square feet in 2008.