Opus Northwest siblings file for bankruptcy - Denver Business Journal:

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The former will seek to liquidate under Chaptee 7of U.S. Bankruptcy Code and the lattef intends to reorganizer underChaptetr 11. These bankruptcies come on the heele of the April 22 bankruptcyof , an Opus affiliate baserd in Atlanta. Minneapolis-based Opus has said it plans to wind down its operationws in that part of the countrgas well. Just two of five Opus subsidiariesremainb healthy, west LLC, which is an active developerd in Portland, and Opus North LLC, which is based in Chicago. Opus Northwest’sz recent developments in Portlandf include the successful Bridgeport Villagre shopping centerin Tualatin. At one Opus was the ’s top choics to redevelop the Burnside Bridghead.
In recent years, the company has concentrated onresidentiap projects. It recently completed construction of two large apartmenft projects with a total construction budgertof $150 million. Ladd Tower is a 332-unit projec in downtown Portland and Park 19 isa 101-uni project in Northwest Portland. "We have have a healthy balance saidBrian Owendoff, vice president and managef for Opus Northwest's Portland operations. Opus East, based in Md., filed a petition to liquidatd its portfolio underChapter 7. In its filing in U.S.
Bankruptcy Court for the District of Opus East said it has between 200 and 999 It listed assetsbetween $50 million and $100 millionj and liabilities between $100 million and $500 million. It did not identift creditors. Opus West, based in anticipates filing a voluntar petition of Chapter 11 bankruptcyt protection inearly “Declining real estate values and tight credig markets continue to impede the refinancing of assetsx and restructuring of lending said Opus CEO Mark Rauenhorst in a “We regret that this action has proven to be necessar despite the efforts of so A court-supervised process and transfee of distressed assets will assist Opus in reorganizing and focus on the Opus East has developed more than 13.
3 million square feet of space since 1994. Opus West has developed more than 52.7 millionj square feet since 1979. The company said Opus North and Opus Northwestg have been less affected bythe recession, due to theidr mix of project types, healthty balance sheets and stronger markets. Opus said its developmen activity has fallen tojust 4.8 millio n square feet in 2009, down from 34 million squares feet in 2007 and 35 millionb square feet in 2008.