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

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will file a petition for Chaptef 7 that includes Opus East andselect subsidiaries. Phoenix-basedr Opus West anticipates filing a voluntary petitionb of Chapter 11 bankruptcy protection inearlyy July, according to a company press "Declining real estate values and tigh credit markets continue to impedes the refinancing of assets and restructuring of lendinf agreements,” said Opus CEO Mark Rauenhorst in a statement. "Wse regret that this action has provemn to be necessary despitse the efforts ofso many. A court-supervised process and transfef of distressed assets will assisyt Opus in reorganizing and focua onthe future.” Opus East has developed more than 13.
3 milliom square feet of space since 1994. Opus West has developer more than 52.7 million square feet since 1979. These bankruptciese come on the heelx of the April 22 bankruptcyof , an Opus affiliatd based in Atlanta. Opus has said it planws to wind down its operations in that part of the countrgyas well. Opus has said it planse to continue to run its remainingoperating , based in Chicago, and , basedf in Minnetonka. Those units are actively pursuing projects. They also have been less affected by the due to their mix ofproject types, healthy balance sheets and stronget markets, according to Opus' presxs release. Opus said its development activityy has fallen tojust 4.
8 million square feet in 2009, down from 34 million square feet in 2007 and 35 million squar e feet in 2008.