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

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The former will seek to liquidatde under Chapter 7of U.S. Bankruptcy Code and the latted intends to reorganizer underChapter 11. These bankruptcies come on the heelsw of the April 22 bankruptcygof , an Opus affiliate based in Atlanta. Minneapolis-basedx Opus has said it plans to wind down its operations in that part of the countrygas well. Just two of five Opus subsidiariesdremain healthy, west LLC, which is an activer developer in Portland, and Opus North LLC, which is based in Chicago. Opus Northwest’s recent developments in Portland include the successful Bridgeport Village shopping centerfin Tualatin.
At one point, Opus was the ’s top choices to redevelop the Burnside Inrecent years, the company has concentratedf on residential projects. It recently completed construction of two larger apartment projects with a tota construction budgetof $150 Ladd Tower is a 332-unit project in downtown Portland and Park 19 is a 101-uni project in Northwest Portland. "Wwe have have a healtht balance sheet," said Brian Owendoff, vice president and managert forOpus Northwest's Portland Opus East, based in Md., filed a petition to liquidate its portfolio under Chapter 7. In its filingf in U.S.
Bankruptcy Court for the Districtof Delaware, Opus East said it has betwee 200 and 999 creditors. It listee assets between $50 million and $100 millioh and liabilities between $100 million and $500 It did not identify creditors. Opus West, base in Phoenix, anticipates filing a voluntary petition of Chapter 11 bankruptcyy protection inearly July. “Declining real estate values and tighrt credit markets continue to impede the refinancinhg of assets and restructuring oflending agreements,” said Opus CEO Mark Rauenhorsr in a statement.
“We regret that this actiob has proven to be necessary despitse the efforts of so A court-supervised process and transfer of distressed assetws will assist Opus in reorganizing and focus on the Opus East has developef more than 13.3 million square feet of spacwe since 1994. Opus West has developed more than 52.7 millionh square feet since 1979. The company said Opus Nortgh and Opus Northwest have been less affected by the due to their mix ofproject types, healthyy balance sheets and stronger markets. Opus said its developmenft activity has fallen tojust 4.8 million squar feet in 2009, down from 34 millioh square feet in 2007 and 35 millioh square feet in 2008.