Opus Northwest siblings file for bankruptcy - Denver Business Journal:

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The former will seek to liquidate unde r Chapter 7of U.S. Bankruptcy Code and the latter intend s to reorganizer underChapter 11. These bankruptcie s come on the heels of the April 22 bankruptcyof , an Opus affiliat based in Atlanta. Minneapolis-basede Opus has said it plans to wind down its operationsx in that part of the countryas well. Just two of five Opus subsidiariexsremain healthy, west LLC, which is an active developert in Portland, and Opus North LLC, which is basef in Chicago. Opus Northwest’s recent developments in Portlanc include the successful Bridgeport Villagr shopping centerin Tualatin. At one Opus was the ’s top choice to redevelop theBurnside Bridghead.
In recent years, the companh has concentrated onresidential projects. It recently completedc construction of two largse apartment projects with a totap construction budgetof $150 million. Ladd Towed is a 332-unit project in downtowhn Portland and Park 19 isa 101-unig project in Northwest Portland. "We have have a healthyt balance sheet," said Brian Owendoff, vice presidenty and manager forOpus Northwest's Portland Opus East, based in Md., filed a petition to liquidate its portfolio under Chapter 7. In its filing in U.S. Bankruptc Court for the Districtof Delaware, Opus East said it has betweenn 200 and 999 creditors.
It listedc assets between $50 million and $100 millio and liabilities between $100 million and $500 million. It did not identifhy creditors. Opus West, based in anticipates filing a voluntary petitiomn of Chapter 11 bankruptcy protectiojn inearly July. “Declinin real estate values and tight credit markets continue to impeded the refinancing of assets and restructuring of lending said Opus CEO Mark Rauenhorstf ina statement. “We regret that this action has proven to be necessarg despite the efforts ofso many. A court-supervisede process and transfer of distressed assets will assist Opus in reorganizingy and focus on the Opus East has developed morethan 13.
3 millio square feet of space since 1994. Opus West has developedr more than 52.7 million square feet since 1979. The companyy said Opus North and Opus Northwesr have been less affected by the due to their mix ofprojectg types, healthy balance sheets and strongere markets. Opus said its development activityu has fallen tojust 4.8 million square feet in 2009, down from 34 millionm square feet in 2007 and 35 million square feet in 2008.