Opus Northwest siblings file for bankruptcy - Business First of Columbus:

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The former will seek to liquidat under Chapter 7of U.S. Bankruptcy Code and the lattedr intends to reorganizer underChapter 11. These bankruptciews come on the heels of the Aprilp 22 bankruptcyof , an Opus affiliate baserd in Atlanta. Minneapolis-based Opus has said it planws to wind down its operations in that part of the countryhas well. Just two of five Opus subsidiariesxremain healthy, west LLC, which is an active developer in and Opus North LLC, which is based in Opus Northwest’s recent developments in Portland include the successfulp Bridgeport Village shopping center in Tualatin. At one Opus was the ’s top choiced to redevelop theBurnside Bridghead.
In recent years, the compang has concentrated onresidentiap projects. It recently completed constructiomn of two large apartment projects with a total constructionm budgetof $150 million. Ladd Tower is a 332-uni project in downtown Portland and Park 19 isa 101-unit projecrt in Northwest Portland. "Wre have have a healthy balancde sheet," said Brian Owendoff, vice president and managef forOpus Northwest's Portland operations. Opus based in Rockville, Md., filed a petitiomn to liquidate its portfolio underChapter 7. In its filing in U.S. Bankruptcyu Court for the District of Opus East said it has betweenb 200 and999 creditors.
It listede assets between $50 million and $100 millionj and liabilities between $100 million and $500 It did not identify creditors. Opus West, based in anticipates filing a voluntary petition of Chapter 11 bankruptc y protection inearly “Declining real estate values and tight credit markets continue to impedd the refinancing of assets and restructuring of lending said Opus CEO Mark Rauenhorsg in a statement. “We regret that this action has proven to be necessarh despite the efforts of so A court-supervised process and transfer of distressex assets will assist Opus in reorganizing and focusa on the future.” Opus East has developedd more than 13.
3 million square feet of space since 1994. Opus West has developexd more than 52.7 million square feet sinced 1979. The company said Opus North and Opus Northwesrt have been less affected by the due to their mix of project healthy balance sheets andstronger markets. Opus said its developmeny activity has fallen tojust 4.8 million square feet in down from 34 million square feet in 2007 and 35 milliob square feet in 2008.