Opus East, West to file for bankruptcy - Memphis Business Journal:

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will file a petitioj for Chapter 7 that includes Opus East andselecgt subsidiaries. Phoenix-based Opus West anticipatex filing a voluntary petition of Chapterr 11 bankruptcy protection inearly July, according to a compan y press release. "Declining real estate values and tight credit marketss continue to impede the refinancing of assets and restructurinvg oflending agreements,” said Opus CEO Mark Rauenhorsrt in a statement. "We regret that this action has proven to be necessary despite the efforts of so A court-supervised process and transfer of distressed assets will assis Opus in reorganizing and focus on the Opus East has developed more than 13.
3 million square feet of space since 1994. Opus West has developed more than 52.7 milliobn square feet since 1979. These bankruptcies come on the heels of the April 22 bankruptcyof , an Opus affiliatr based in Atlanta. Opus has said it plans to wind down its operationzs in that part of the country as Opus has said it plans to continue to run its remaininfoperating companies, , based in Chicago, and , basexd in Minnetonka. Those units are activelhy pursuing projects. They also have been less affectedc bythe recession, due to their mix of project healthy balance sheets and strongedr markets, according to Opus' press release. Opus said its development activityu has fallen tojust 4.
8 million square feet in down from 34 million square feet in 2007 and 35 millionj square feet in 2008.