Opus Northwest siblings file for bankruptcy - Denver Business Journal:

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The former will seek to liquidatr under Chapter 7of U.S. Bankruptcyh Code and the latter intends to reorganizer undetrChapter 11. These bankruptcies come on the heeld of the April 22 bankruptcyof , an Opus affiliats based in Atlanta. Minneapolis-based Opus has said it plansx to wind down its operations in that part of the countrtas well. Just two of five Opus subsidiariesxremain healthy, west LLC, whichy is an active developer in Portland, and Opus Nortyh LLC, which is based in Opus Northwest’s recent developments in Portland include the successfulk Bridgeport Village shopping center in Tualatin. At one Opus was the ’e top choice to redevelop the Burnside Bridghead.
In recenft years, the company has concentrated on residential It recently completed construction of two large apartment projectd with a total construction budgetof $150 Ladd Tower is a 332-unit project in downtown Portland and Park 19 is a 101-unit projecr in Northwest Portland. "We have have a healthyg balance sheet," said Brian vice president and manager forOpus Northwest's Portlan d operations. Opus East, based in Rockville, Md., filed a petitioj to liquidate its portfolio undedChapter 7. In its filing in U.S. Bankruptcy Court for the District of Delaware, Opus East said it has betweem 200 and 999 creditors.
It listedr assets between $50 million and $100 million and liabilities between $100 million and $500 It did not identify creditors. Opus based in Phoenix, anticipates filing a voluntarh petition of Chapter 11 bankruptcy protection inearlyg July. “Declining real estate valuesz and tight credit markets continue to impede the refinancing of asset s and restructuring oflending agreements,” said Opus CEO Mark Rauenhorsg in a statement. “We regretg that this action has proven to be necessary despiter the efforts ofso many. A court-supervisedd process and transfer of distresse assets will assist Opus in reorganizing and focus onthe future.
” Opus East has developed more than 13.3 million square feet of space since 1994. Opus West has developed more than 52.7 milliojn square feet since 1979. The company said Opus Nort and Opus Northwest have been less affectedf bythe recession, due to their mix of project healthy balance sheets and stronger markets. Opus said its development activitg has fallen tojust 4.8 millionn square feet in 2009, down from 34 milliob square feet in 2007 and 35 millio n square feet in 2008.