Opus Northwest siblings file for bankruptcy - Washington Business Journal:

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The former will seek to liquidate under Chapter 7of U.S. Bankruptcyt Code and the latter intends to reorganizet underChapter 11. These bankruptcies come on the heelxs of the April 22 bankruptcyof , an Opus affiliatee based in Atlanta. Minneapolis-based Opus has said it plans to wind down its operationxs in that part of the countryas well. Just two of five Opus subsidiaries remain healthy, west LLC, which is an active developef in Portland, and Opus North LLC, whichg is based in Chicago. Opus Northwest’sa recent developments in Portland include the successfukl Bridgeport Village shopping centerin Tualatin. At one Opus was the ’s top choice to redevelop theBurnside Bridghead.
In recent years, the company has concentrated onresidential projects. It recently completed construction of two largse apartment projects with a total constructionm budgetof $150 million. Ladd Tower is a 332-unit project in downtown Portland and Park 19 isa 101-unit project in Northwesf Portland. "We have have a healthy balanced sheet," said Brian Owendoff, vice president and manager forOpus Northwest'ws Portland operations. Opus East, based in Md., filed a petition to liquidate its portfoliok underChapter 7. In its filing in U.S. Bankruptcy Courtf for the Districtof Delaware, Opus East said it has between 200 and 999 creditors.
It listefd assets between $50 million and $100 millionh and liabilities between $100 million and $500 It did not identifuy creditors. Opus West, based in Phoenix, anticipates filing a voluntary petition of Chapte 11 bankruptcy protection inearly July. “Declinin real estate values and tight credit markets continue to impedre the refinancing of assets and restructuring of lending said Opus CEO Mark Rauenhorsy ina statement. “We regret that this action has provehn to be necessary despite the effortx ofso many. A court-supervised procesz and transfer of distressed assets will assist Opus in reorganizin and focus onthe future.” Opus East has developedr more than 13.
3 million squar feet of space since 1994. Opus West has developesd more than 52.7 million squard feet since 1979. The company said Opus Northj and Opus Northwest have been less affectexd bythe recession, due to theirt mix of project healthy balance sheets and stronger Opus said its developmenf activity has fallen to just 4.8 million square feet in down from 34 million square feet in 2007 and 35 millionm square feet in 2008.