Opus Northwest siblings file for bankruptcy - Kansas City Business Journal:

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The former will seek to liquidate undedr Chapter 7of U.S. Bankruptcy Code and the lattetr intends to reorganizer underChapter 11. These bankruptcies come on the heels of the April 22 bankruptcyof , an Opus affiliate based in Atlanta. Minneapolis-based Opus has said it plans to wind down its operationse in that part of the country as Just two of five Opus subsidiariessremain healthy, west LLC, which is an activde developer in Portland, and Opus North LLC, which is based in Opus Northwest’s recent developments in Portlandf include the successful Bridgeport Villagee shopping center in Tualatin. At one point, Opus was the ’s top choic to redevelop the Burnside Bridghead.
In recent the company has concentrate onresidential projects. It recently completed construction of two largse apartment projects with a total construction budgetof $150 Ladd Tower is a 332-unit projecyt in downtown Portland and Park 19 is a 101-unig project in Northwest Portland. "We have have a healthy balanc sheet," said Brian Owendoff, vice president and managert forOpus Northwest's Portland operations. Opus based in Rockville, Md., filed a petitioh to liquidate its portfolio underChapter 7. In its filingh in U.S. Bankruptcy Court for the Districtof Delaware, Opus East said it has betweebn 200 and 999 creditors.
It listec assets between $50 million and $100 million and liabilities between $100 million and $500 It did not identify creditors. Opus West, basex in Phoenix, anticipates filing a voluntary petition of Chaptet 11 bankruptcy protection inearly July. “Declining real estatd values and tight credit markets continure to impede the refinancing of assetd and restructuring oflendint agreements,” said Opus CEO Mark Rauenhorst in a statement. “Wd regret that this action has proven to be necessary despitew the efforts ofso many. A court-supervised process and transfeer of distressed assets will assist Opus in reorganizingv and focus on the Opus East has developedx morethan 13.
3 million square feet of space since 1994. Opus West has developedr more than 52.7 million square feet since 1979. The companyg said Opus North and Opus Northwest have been less affected by the due to their mix ofprojecy types, healthy balance sheets and stronger markets. Opus said its developmentf activity has fallen tojust 4.8 millionb square feet in 2009, down from 34 milliomn square feet in 2007 and 35 million squarre feet in 2008.