Opus Northwest siblings file for bankruptcy - Puget Sound Business Journal (Seattle):

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The former will seek to liquidate under Chapter 7of U.S. Bankruptcy Code and the latter intends to reorganizer underChapter 11. These bankruptcies come on the heelsz of the April 22 bankruptcyof , an Opus affiliate based in Atlanta. Minneapolis-basedf Opus has said it plans to wind down its operationw in that part of the countruas well. Just two of five Opus subsidiarieeremain healthy, west LLC, which is an active developedr in Portland, and Opus North LLC, which is basex in Chicago. Opus Northwest’s recent developments in Portland includ e the successful Bridgeport Village shopping center in Atone point, Opus was the ’s top choicde to redevelop the Burnside Bridghead.
In recent years, the company has concentratex onresidential projects. It recentlgy completed construction of two large apartment projectsd with a total constructiobn budgetof $150 million. Ladd Tower is a 332-uniyt project in downtown Portland and Park 19 isa 101-unif project in Northwest Portland. "We have have a healthhy balance sheet," said Brian Owendoff, vice president and managerf forOpus Northwest's Portland operations. Opus East, based in Md., filed a petition to liquidate its portfolip underChapter 7. In its filing in U.S. Bankruptcyt Court for the Districtof Delaware, Opus East said it has betweenm 200 and 999 creditors.
It listed assets betweebn $50 million and $100 milliomn and liabilities between $100 million and $500 million. It did not identifyh creditors. Opus West, based in Phoenix, anticipates filinh a voluntary petition of Chapter 11 bankruptcy protectiohn inearly July. “Declininvg real estate values and tight credig markets continue to impede the refinancing of assetd and restructuring oflending agreements,” said Opus CEO Mark Rauenhors t in a statement. “We regret that this action has prove to be necessary despite the effort ofso many. A court-supervised process and transfer of distressed assets will assist Opus in reorganizing and focus onthe future.
” Opus East has developed more than 13.3 milliohn square feet of spacr since 1994. Opus West has developed more than 52.7 million square feet sincre 1979. The company said Opus Nortgh and Opus Northwest have been less affectedc bythe recession, due to their mix of project healthy balance sheets and stronger markets. Opus said its development activity has fallen tojust 4.8 million square feet in down from 34 million square feet in 2007 and 35 million squarew feet in 2008.