Opus Northwest siblings file for bankruptcy - Puget Sound Business Journal (Seattle):

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The former will seek to liquidatre under Chapter 7of U.S. Bankruptcy Code and the lattedr intends to reorganizer underChapter 11. Thesse bankruptcies come on the heelsx of the April 22 bankruptcyof , an Opus affiliatde based in Atlanta. Minneapolis-based Opus has said it plansw to wind down its operation s in that part of the countryas well. Just two of five Opus subsidiarieesremain healthy, west LLC, which is an activ developer in Portland, and Opus North LLC, whicy is based in Chicago. Opus Northwest’s recent developmentss in Portland include the successful Bridgeport Villagde shopping centerin Tualatin.
At one point, Opus was the ’zs top choice to redevelop the Burnside Bridghead. In recent years, the company has concentrated onresidentiakl projects. It recently completed construction of two large apartmentt projects with a total construction budgetof $150 million. Ladd Towetr is a 332-unit project in downtowbn Portland and Park 19 isa 101-unig project in Northwest Portland. "We have have a healthy balancew sheet," said Brian Owendoff, vice president and managert forOpus Northwest's Portlansd operations. Opus East, based in Rockville, Md., filed a petition to liquidate its portfolio underChapted 7. In its filing in U.S.
Bankruptc Court for the District of Opus East said it has between 200 and 999 It listed assetsbetween $50 milliob and $100 million and liabilities between $100 million and $500 million. It did not identifyg creditors. Opus West, based in Phoenix, anticipates filingb a voluntary petition of Chapter 11 bankruptcty protection inearly July. “Declining real estatde values and tight credit markets continuse to impede the refinancing of assets and restructurinb oflending agreements,” said Opus CEO Mark Rauenhorst in a “We regret that this actio has proven to be necessary despite the efforts of so A court-supervised process and transfet of distressed assets will assist Opus in reorganiziny and focus on the future.
” Opus East has developecd more than 13.3 million square feet of spacwe since 1994. Opus West has developed more than 52.7 million square feet since 1979. The company said Opus North and Opus Northwest have been less affectedf bythe recession, due to their mix of project types, 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 millionj square feet in 2008.