Opus East, West to file for bankruptcy - Business First of Buffalo:

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will file a petition for Chapterr 7 that includes Opus East andselectf subsidiaries. Phoenix-based Opus West anticipatess filing a voluntary petition of Chaptere 11 bankruptcy protection inearly July, accordinvg to a company press release. "Declining real estate values and tightr credit markets continue to impede the refinancing of assets and restructurin oflending agreements,” said Opus CEO Mark Rauenhorstr in a statement. "We regret that this action has proven to be necessary despite the efforts ofso many. A court-supervisesd process and transfer of distressed assets will assis Opus in reorganizing and focuas onthe future.” Opus East has developed more than 13.
3 millionh square feet of space since 1994. Opus West has developed more than 52.7 million square feet sinced 1979. These bankruptcies come on the heelsa of the April 22 bankruptcyof , an Opus affiliates based in Atlanta. Opus has said it pland to wind down its operations in that part of the countrtas well. Opus has said it plans to continues to run its remainingoperating companies, , based in Chicago, and , basex in Minnetonka. Those unitd are actively pursuing projects. They also have been less affectesd bythe recession, due to theird mix of project healthy balance sheets and stronger according to Opus' press release. Opus said its development activity has fallen tojust 4.
8 millio n square feet in 2009, down from 34 millio n square feet in 2007 and 35 million square feet in 2008.