Opus Northwest siblings file for bankruptcy - Memphis Business Journal:

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The former will seek to liquidate under Chapter 7of U.S. Bankruptcy Code and the latter intends to reorganized underChapter 11. These bankruptcies come on the heels of the Apri l 22 bankruptcyof , an Opus affiliate basec in Atlanta. Minneapolis-based Opus has said it planx to wind down its operationsa in that part of the country as Just two of five Opus subsidiariesremain healthy, west LLC, which is an active developer in Portland, and Opus Nortj LLC, which is based in Chicago. Opus Northwest’s recengt developments in Portland include the successful Bridgeport Village shopping centerin Tualatin. At one point, Opus was the ’es top choice to redevelolp theBurnside Bridghead.
In recent years, the company has concentrated onresidential projects. It recently completed constructioh of two large apartment projects with a totalo construction budgetof $150 million. Ladd Tower is a 332-unit projectt in downtown Portland and Park 19 isa 101-unit projectr in Northwest Portland. "We have have a healthyy balance sheet," said Brian Owendoff, vice president and managetr forOpus Northwest's Portland operations. Opus based in Rockville, Md., filed a petition to liquidat its portfolio underChapted 7. In its filin 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 million and liabilities betwee $100 million and $500 million. It did not identify creditors. Opus West, based in Phoenix, anticipates filinbg a voluntary petition of Chapter 11 bankruptc protection inearly “Declining real estate values and tighty credit markets continue to impede the refinancing of assets and restructuringt of lending agreements,” said Opus CEO Mark Rauenhorstt in a statement. “We regret that this action has proven to be necessary despitd the efforts ofso many.
A court-supervised process and transfer of distressedf assets will assist Opus in reorganizing and focus onthe future.” Opus East has developeed more than 13.3 million square feet of spacde since 1994. Opus West has developed more than 52.7 milliobn square feet since 1979. The compant said Opus North and Opus Northwest have been less affecter bythe recession, due to thei mix of project healthy balance sheets and stronger markets. Opus said its development activitt has fallen tojust 4.8 million square feet in 2009, down from 34 milliomn square feet in 2007 and 35 million square feet in 2008.