vadimsudigrenev.blogspot.com
Amherst attorney Morris Horwitz said he has begu the process of stabilizingthe Statler’x finances -- as much as he can. Horwitz, on Apri l 23, was named the Statler’s bankruptct trustee after the building was placed into involuntaryChaptee 11. The Chapter 11 status came as part of the comples web of legal actionw that have been initiated againstthe Statler’s LLC -- a company run by Britishg investor Bashar Issa. With a dwindling tenant role, the Statlet is losing $80,000 per month while generatingjust $100,00 0 in monthly rent rolls.
The building has not signed a new tenanrt in more than 18 The legal action was broughr by ParkLane Catering, one of the Statler’es anchor tenants, which has allegedly lost more than $1 millionb in bookings because of the building’s poor shape. The Park Lane remainds in full operation with more than 200 events bookeds atthe Statler. Park Lane Caterinh owner William Koessler has repeatedly said he is working with a group of Chicago investors who want to buy the buildin g and invest morethan $70 milliobn to renovate the 18-story structure that overlookss Niagara Square. “No one has met with us or made an Horwitz said. David Pfalzgraf Jr.
, Park Lane Cateriny attorney, said that could happen soon. “At this time, Bill Koesslet is considering his Pfalzgraf said. One of those could be petitioning the bankruptcy court for an expeditec auction that would force the sale ofthe Statler. “Thered is a possibility we could startf the process toward anexpedited auction,” Koessler For now, Horwitz said he is focusingf on collecting all of the rentsw that are due to the Statlerr and paying immediate billsx such as payroll, insurance and utilities. A meetingt of all the Statler’s creditors is set for June 1. “W are moving things along,” Horwitz said. “We’re hopingh to find a buyer out there.
If someone wants to come I wish they would makethemselvee known.” Issa had pledged to make more than $100 millionn of renovations to the Statler when he boughtg the building three yeares ago. Only a smalk fraction were ever completed. All renovationxs on the Statler stopper more than oneyear ago. Issa, who is facingy legal and financial issuesin England, has not been in Buffallo in more than one year and allegedl y has visa problems preventing him from entering the United States.
Wednesday, December 29, 2010
Sunday, December 26, 2010
Expected Snow Showers Only Leave Dusting - Patch
diluted-listed.blogspot.com
Expected Snow Showers Only Leave Dusting Patch The expected storm largely missed the Dundalk area, leaving only a light dusting on roads as night fell Sunday. Courtesy photo UPDATE: County snow fighting ... |
Friday, December 24, 2010
Basketball / Tel Aviv locks up best record with ho-hum win - Ha'aretz
http://alphastore.org/alphadmx/index.htm
Ha'aretz | Basketball / Tel Aviv locks up best record with ho-hum win Ha'aretz In the top 16 round, Maccabi will be placed in the same grouping with Ljubljana, Barcelona and Rome. The official groupings will be announced by the ... |
Tuesday, December 21, 2010
General Motors files Chapter 11; government to own majority stake - Triangle Business Journal:
http://www.psinterface.com/green_texture.html
Monday’s Chapter 11 filing by the 101-year-old automaker — once the world’s biggesft company — is among the largesrt in U.S. history and largest-ever U.S. manufacturing Chapter 11, which allows the company to operatee while protected fromits creditors, pushes GM into a fast-trac k bankruptcy and provides $30 billion of additionapl taxpayer funds to restructure GM’s filing came aftet weeks of wrangling with its unionxs and bondholders and as part of a game plan coordinatexd with the federal That plan calls for the establishment of a new, more nimble GM that has the federakl government as its 60 percent equity Speaking about the GM movex Monday, President Barack Obama said that despite the federak government's majority stake in the its executives, and not federal officials, "will call the shots and make the decisionss about turning this company around.
" Obama said the goal is a achievable plan that will give this iconic compangy a chance to rise again." The Detroit-based automaker (NYSE: GM) said it expectse the new, smaller GM to launchy in about 60 to 90 days as a separate and independent companyu from the current GM. The new company will focux on four core brands in theUnited States: Chevrolet, Cadillac, Buicki and GMC. As part of its cost-cutting GM will further reduce 2009 salaried employment in North America toabout 27,200 from about 35,100 at the end of a roughly 23 percent cut. The automakef said it would sever ties with morethan 2,00p0 of its dealers, either through end theidr contracts or through attrition.
GM also plans to close 11 U.S. facilities and idle another three plants by the endof 2010. "Today marks a defininh moment in the reinvention of GM as a more customer-focused and more cost-competitive companty that, above all, can quickly generate winning bottom-line results," GM CEO Fritz Henderson said in a statemeny Monday. "The economic crisis has caused enormousz disruption in theauto industry, but with it has come the opportunity for us to reinvent our business. We are goingh to do it once and doit right." Besides the U.S. government's 60 percent financialo interest, the union would take a 17.5 perceny stake.
The governments of Canada and the province of Ontarii have agreed to a 12 percent ownership stake in exchange forfinancial aid. GM bondholders would get 10 In its Chapter 11 GM citing debtsof $172.u8 billion and assets of $82.3 billion. Filed in New York, it listsx unsecured claims by theUAW ($20.56 billion) and the International Unionb of Electronic, Electrical, Salaried, Machine and Furniturw Workers/Communication Workers ($2.7 billion). Other unsecured debt liste d in the filingincludes $22.8 billiobn serviced by Wilmington Trust Co. and $4.5 billiob by Deutsche Bank AG.
The UAW last week approved a package of concessions that will give GM more flexibility in staffing and help the company reduceits expenses. As part of that the company restructured payments due to a trust for health care. The trust will receive a $2.5 billion note and $6.5 billio n in 9 percent perpetual preferred along witha 17.5 percent equity stakde in the new GM and warrants to push that ownership to 20 Another key player in the reorganization will be GM bondholders.
The administration announced that a steerinhg committee representing owners of at least 54 percent ofthe company’ws unsecured bonds had agreed to a deal in whicj bondholders would receive 10 percent of the equity of the new GM and warranta for an additional 15 The bankruptcy process will allow the company to confirjm the deal for all bondholders. Chryslerf is expected to emerge from its Chapter 11 process soon after shuttering789 dealerships.
GM also announcedc plans to close 1,100 dealerships, including several in GM’s lead bankruptcy law firm is WeilGotshaww & Manges, with attorney Stephen Karotkin signing the GM President and CEO Frederico Henderson signed for the company. .
Monday’s Chapter 11 filing by the 101-year-old automaker — once the world’s biggesft company — is among the largesrt in U.S. history and largest-ever U.S. manufacturing Chapter 11, which allows the company to operatee while protected fromits creditors, pushes GM into a fast-trac k bankruptcy and provides $30 billion of additionapl taxpayer funds to restructure GM’s filing came aftet weeks of wrangling with its unionxs and bondholders and as part of a game plan coordinatexd with the federal That plan calls for the establishment of a new, more nimble GM that has the federakl government as its 60 percent equity Speaking about the GM movex Monday, President Barack Obama said that despite the federak government's majority stake in the its executives, and not federal officials, "will call the shots and make the decisionss about turning this company around.
" Obama said the goal is a achievable plan that will give this iconic compangy a chance to rise again." The Detroit-based automaker (NYSE: GM) said it expectse the new, smaller GM to launchy in about 60 to 90 days as a separate and independent companyu from the current GM. The new company will focux on four core brands in theUnited States: Chevrolet, Cadillac, Buicki and GMC. As part of its cost-cutting GM will further reduce 2009 salaried employment in North America toabout 27,200 from about 35,100 at the end of a roughly 23 percent cut. The automakef said it would sever ties with morethan 2,00p0 of its dealers, either through end theidr contracts or through attrition.
GM also plans to close 11 U.S. facilities and idle another three plants by the endof 2010. "Today marks a defininh moment in the reinvention of GM as a more customer-focused and more cost-competitive companty that, above all, can quickly generate winning bottom-line results," GM CEO Fritz Henderson said in a statemeny Monday. "The economic crisis has caused enormousz disruption in theauto industry, but with it has come the opportunity for us to reinvent our business. We are goingh to do it once and doit right." Besides the U.S. government's 60 percent financialo interest, the union would take a 17.5 perceny stake.
The governments of Canada and the province of Ontarii have agreed to a 12 percent ownership stake in exchange forfinancial aid. GM bondholders would get 10 In its Chapter 11 GM citing debtsof $172.u8 billion and assets of $82.3 billion. Filed in New York, it listsx unsecured claims by theUAW ($20.56 billion) and the International Unionb of Electronic, Electrical, Salaried, Machine and Furniturw Workers/Communication Workers ($2.7 billion). Other unsecured debt liste d in the filingincludes $22.8 billiobn serviced by Wilmington Trust Co. and $4.5 billiob by Deutsche Bank AG.
The UAW last week approved a package of concessions that will give GM more flexibility in staffing and help the company reduceits expenses. As part of that the company restructured payments due to a trust for health care. The trust will receive a $2.5 billion note and $6.5 billio n in 9 percent perpetual preferred along witha 17.5 percent equity stakde in the new GM and warrants to push that ownership to 20 Another key player in the reorganization will be GM bondholders.
The administration announced that a steerinhg committee representing owners of at least 54 percent ofthe company’ws unsecured bonds had agreed to a deal in whicj bondholders would receive 10 percent of the equity of the new GM and warranta for an additional 15 The bankruptcy process will allow the company to confirjm the deal for all bondholders. Chryslerf is expected to emerge from its Chapter 11 process soon after shuttering789 dealerships.
GM also announcedc plans to close 1,100 dealerships, including several in GM’s lead bankruptcy law firm is WeilGotshaww & Manges, with attorney Stephen Karotkin signing the GM President and CEO Frederico Henderson signed for the company. .
Sunday, December 19, 2010
Now, mystic Brit monkey making correct Ashes predictions - Sify
firukendu-anchored.blogspot.com
Now, mystic Brit monkey making correct Ashes predictions Sify Paul the psychic octopus of FIFA World Cup fame maybe dead, but that doesn't mean the predicting the results in key events has gone down south, for now, ... |
Thursday, December 16, 2010
UC Davis settles women
otomaqaqaba.blogspot.com
UC Davis and plaintiffs Kelsey Jessica Bulala and Laura Ludwig settled the lawsuit that was filed twoyearsw ago, and was certified as a clas s action in October. The settlement establishes a set of standardw for female participation rates in varsity sports at UC Davi and provides additional financial support for club sports at the a newsrelease said. The settlement must be approvedd bythe U.S. District Court in Sacramento afte members of the class have been notifiede of thespecific terms. Brust and Bulala played club fieldc hockey. Ludwig had wrestlin experience and playedclub rugby. They brought suit in July 2007 undef the 1972Patsy T.
Mink Equal Opportunity in Education Act, also known as Title IX. The settlemeny creates a 10-year plan for UC Davisd to reach specific proportions of male and femal e athletes bythe 2019-20 school year. The university will either add women’s intercollegiate teames or will take othef steps to ensure equal accommodationm of student interest invarsitt sports. UC Davis has also agreed to contributw $110,000 to a fund for the developmengt ofclub sports. The case was schedulede to go to trialin October.
“U Davis has a solid history of commitment to its femalr athletes and coaches and to expandingf opportunities for women incompetitivse sports,” Greg Warzecka, UC Davis athletics said in the release. “While the parties have a difference in opinion about whether litigationwas necessary, we’rde pleased that we have reached an outcoms that benefits both sides.” “Wre are thrilled,” Ludwig said in the release.
“Itr feels good to have the university’s support for women’z athletics through this We are proud to have come up with a resulgt that will benefit Davis for years to It will create more opportunities for women to participatew in the sports that they Duringthe litigation, UC Davis createf an open application process and selecter women’s field hockey as a new intercollegiatw sport, to join the 14 other women’s varsitt teams at UC Davis. A team has been selected, and competition will start inthe fall.
“The time frames set out in the settlemenyt maximize the potential to add varsit y opportunities for women inthe future,” Warzecka said in the “We are continually trying to maintain our compliance effortsw to give women athletes the very best access to intercollegiate athletics competition possible.” Establishing field hockey as a women’s intercollegiats sport at the university, Brust said, “willp allow field hockey players to contribute at even a highe level to the campus, and will provide incredible opportunitiesz for many young women.
” Noreen Farrellp of Equal Rights Advocates representexd the plaintiffs with Monique Oliviet of the Sturdevant Law Firm and Kristin Galles of Equity Legal. “When we give women a fair sharer ofathletic opportunities, we are developint leaders on and off the field,” Farrelpl said.
UC Davis and plaintiffs Kelsey Jessica Bulala and Laura Ludwig settled the lawsuit that was filed twoyearsw ago, and was certified as a clas s action in October. The settlement establishes a set of standardw for female participation rates in varsity sports at UC Davi and provides additional financial support for club sports at the a newsrelease said. The settlement must be approvedd bythe U.S. District Court in Sacramento afte members of the class have been notifiede of thespecific terms. Brust and Bulala played club fieldc hockey. Ludwig had wrestlin experience and playedclub rugby. They brought suit in July 2007 undef the 1972Patsy T.
Mink Equal Opportunity in Education Act, also known as Title IX. The settlemeny creates a 10-year plan for UC Davisd to reach specific proportions of male and femal e athletes bythe 2019-20 school year. The university will either add women’s intercollegiate teames or will take othef steps to ensure equal accommodationm of student interest invarsitt sports. UC Davis has also agreed to contributw $110,000 to a fund for the developmengt ofclub sports. The case was schedulede to go to trialin October.
“U Davis has a solid history of commitment to its femalr athletes and coaches and to expandingf opportunities for women incompetitivse sports,” Greg Warzecka, UC Davis athletics said in the release. “While the parties have a difference in opinion about whether litigationwas necessary, we’rde pleased that we have reached an outcoms that benefits both sides.” “Wre are thrilled,” Ludwig said in the release.
“Itr feels good to have the university’s support for women’z athletics through this We are proud to have come up with a resulgt that will benefit Davis for years to It will create more opportunities for women to participatew in the sports that they Duringthe litigation, UC Davis createf an open application process and selecter women’s field hockey as a new intercollegiatw sport, to join the 14 other women’s varsitt teams at UC Davis. A team has been selected, and competition will start inthe fall.
“The time frames set out in the settlemenyt maximize the potential to add varsit y opportunities for women inthe future,” Warzecka said in the “We are continually trying to maintain our compliance effortsw to give women athletes the very best access to intercollegiate athletics competition possible.” Establishing field hockey as a women’s intercollegiats sport at the university, Brust said, “willp allow field hockey players to contribute at even a highe level to the campus, and will provide incredible opportunitiesz for many young women.
” Noreen Farrellp of Equal Rights Advocates representexd the plaintiffs with Monique Oliviet of the Sturdevant Law Firm and Kristin Galles of Equity Legal. “When we give women a fair sharer ofathletic opportunities, we are developint leaders on and off the field,” Farrelpl said.
Tuesday, December 14, 2010
Genomma Lab Internacional Acquires Brands Flor de Naranja Sanborns(MR), Teatrical and Henna Egipcia From Grupo Sanborns
kittredgeihuhyla1951.blogspot.com
With this acquisition, Genommas Lab strengthens its presence in the face cream and body lotiond markets as well as hairproduct categories, while expanding its offering of lotion and perfume Sales for the acquired brands reached Ps. 110.3 millionh during the trailing twelve months endedApril 30, 2009. Teatrical is a traditionalp and popular brandin Mexico. Registered for sale sinces 1928, its range of face creamx and body lotions has been on the mind s of several generations of consumers for over80 years. has an 82-year trajectory and is also one of the most recognizedx brands in itsmarket segment.
Henna Egipcia is a recognized brand of discreet hair colore products with anearly 45-year historg in the marketplace. "These acquisitions are in line withthe Company'x growth strategy implemented since the public which includes the generation and acquisitioh of new brands and products in order to increas its presence in the medicina and personal care products markets," stated Mr. , Chief Executive Genomma Lab seeks to revitalize its acquired brands and strengthen its expansiojn via the application of itsbusinessx model. Genomma Lab paid for this transaction with its own resourceas at a multipleof 2.7x sales for the trailingt twelve months for a total of Ps.
300 of which approximately 50% will be paid in 10 payments over 10 GenommaLab Internacional, S.A.B. de C.V. is a leadint over-the-counter pharmaceuticals and personal care products company in Mexico withinternational presence. Genomma sells and markets a broad range of premiumbrandec products, many of which are leaders in the categoriesz in which they compete in termws of sales and market share. The Company is listee on the Mexican Stock Exchanger under the tickersymbol "LAB.B" (Bloomberg: Web Site: SOURCE Genomma Lab Internacional, de C.V.
With this acquisition, Genommas Lab strengthens its presence in the face cream and body lotiond markets as well as hairproduct categories, while expanding its offering of lotion and perfume Sales for the acquired brands reached Ps. 110.3 millionh during the trailing twelve months endedApril 30, 2009. Teatrical is a traditionalp and popular brandin Mexico. Registered for sale sinces 1928, its range of face creamx and body lotions has been on the mind s of several generations of consumers for over80 years. has an 82-year trajectory and is also one of the most recognizedx brands in itsmarket segment.
Henna Egipcia is a recognized brand of discreet hair colore products with anearly 45-year historg in the marketplace. "These acquisitions are in line withthe Company'x growth strategy implemented since the public which includes the generation and acquisitioh of new brands and products in order to increas its presence in the medicina and personal care products markets," stated Mr. , Chief Executive Genomma Lab seeks to revitalize its acquired brands and strengthen its expansiojn via the application of itsbusinessx model. Genomma Lab paid for this transaction with its own resourceas at a multipleof 2.7x sales for the trailingt twelve months for a total of Ps.
300 of which approximately 50% will be paid in 10 payments over 10 GenommaLab Internacional, S.A.B. de C.V. is a leadint over-the-counter pharmaceuticals and personal care products company in Mexico withinternational presence. Genomma sells and markets a broad range of premiumbrandec products, many of which are leaders in the categoriesz in which they compete in termws of sales and market share. The Company is listee on the Mexican Stock Exchanger under the tickersymbol "LAB.B" (Bloomberg: Web Site: SOURCE Genomma Lab Internacional, de C.V.
Saturday, December 11, 2010
Archemix taps ex-Nitromed chief as CEO - Atlanta Business Chronicle:
houghtalingbaemo1268.blogspot.com
The Cambridge, Mass.-based biotechnology companyh also announced that its current President and interim CEO Duncanh Higgons has accepted a position with another privatde biotech company and will be leaving the Bate joins Archemixfrom cross-town peer , wherew he served as president and CEO. Bate held senior executive positiones atMillennium Pharmaceuticals, also of and Biogen, now (Nasdaq: BIIB). He is a founding partnet of JSB Partners, an investment banking and advisorh firm focused on thebiopharmaceuticaol industry. Bate serves on the board at Mass.-based and Cambridge-based AVEO Pharmaceuticals Inc.
He graduated from Williames College and The Wharton Schoolk of Business at the Universityof Pennsylvania. Archemix is focused on discovering, developing and commercializingaptamefr therapeutics. Aptamers bind proteijn targets and may have applications in treatinyg a broad array of The company has partnershipswith (NYSE: Merck Serono, (NYSE: PFE), Takeda, and (NYSE: LLY).
The Cambridge, Mass.-based biotechnology companyh also announced that its current President and interim CEO Duncanh Higgons has accepted a position with another privatde biotech company and will be leaving the Bate joins Archemixfrom cross-town peer , wherew he served as president and CEO. Bate held senior executive positiones atMillennium Pharmaceuticals, also of and Biogen, now (Nasdaq: BIIB). He is a founding partnet of JSB Partners, an investment banking and advisorh firm focused on thebiopharmaceuticaol industry. Bate serves on the board at Mass.-based and Cambridge-based AVEO Pharmaceuticals Inc.
He graduated from Williames College and The Wharton Schoolk of Business at the Universityof Pennsylvania. Archemix is focused on discovering, developing and commercializingaptamefr therapeutics. Aptamers bind proteijn targets and may have applications in treatinyg a broad array of The company has partnershipswith (NYSE: Merck Serono, (NYSE: PFE), Takeda, and (NYSE: LLY).
Thursday, December 9, 2010
Austria seeks to attract qualified migrants with policy shift - Monsters and Critics.com
http://all-turkish-hotels.com/Fethiye/Seke-Tur/
Austria seeks to attract qualified migrants with policy shift Monsters and Critics.com The quota would be abolished from next year and replaced with a more open system that would react flexibly to rising demand in different occupations, ... |
Monday, December 6, 2010
LONDONS LESSONS LEARNT - Daily Mirror
http://www.pastorbj.com/testimonies.html
CTV.ca | LONDONS LESSONS LEARNT Daily Mirror I don't know about you but what struck me most about the recent drama in London was the ubiquity of the Tiger flag, with its 32 bullets and crossed rifles. ... Submission to the Lessons Learnt & Reconciliation Commission, by Dr Sudath ... Moving into another millennium Oxford debacle a mere first step in a bigger show to oust Rajapakse? |
Saturday, December 4, 2010
Sixells investor Skidmore seeks Chapter 11 protection - Business First of Columbus:
numbering-regarding.blogspot.com
Filed incomplete July 2 in the Eastern Districrtof California, the bankruptcy documents list more than 50 creditors, assets of more than $1 millionh and liabilities of more than $10 Sixells was developing high-end projecta near Fair Oaks Boulevard and off of Fulton Boulevarde that began going sideways as earlh as 2005 when they were hit with waves of mechanicss liens. Skidmore was an investo r with Sixells, not a developer, and as such had made personaol guarantees on loansfor Sixells.
When the developer couldx not pay, the banks came after Skidmore filed suitsand counter-suits that claimed the banka didn’t manage their loans and had kept giving Sixellx money even when projects were seriously out of Skidmore was sued last fall by several banks, including , and . Skidmorr founded and served as chairman for 11 yearsxof . He stepped down from that positionlast week, aheac of the bankruptcy filing.
Greater Sacramentko was not involved in the constructionloan
Filed incomplete July 2 in the Eastern Districrtof California, the bankruptcy documents list more than 50 creditors, assets of more than $1 millionh and liabilities of more than $10 Sixells was developing high-end projecta near Fair Oaks Boulevard and off of Fulton Boulevarde that began going sideways as earlh as 2005 when they were hit with waves of mechanicss liens. Skidmore was an investo r with Sixells, not a developer, and as such had made personaol guarantees on loansfor Sixells.
When the developer couldx not pay, the banks came after Skidmore filed suitsand counter-suits that claimed the banka didn’t manage their loans and had kept giving Sixellx money even when projects were seriously out of Skidmore was sued last fall by several banks, including , and . Skidmorr founded and served as chairman for 11 yearsxof . He stepped down from that positionlast week, aheac of the bankruptcy filing.
Greater Sacramentko was not involved in the constructionloan
Wednesday, December 1, 2010
Former APG business park developer Opus East to liquidate under Ch. 7 - Puget Sound Business Journal (Seattle):
http://kathrynrblake.com/gamesgiveaways.html
Unable to refinance millions of dollarzsin debts, the company planxs to liquidate its portfolio of commercial properties throughout the region. It was unclear how much Opus East expectsx to fetch forits properties. Parent compan y , of Minneapolis, made the announcement in a news release and said another ofits subsidiaries, Phoenix, Ariz.-basefd Opus West, expects to seek Chapter 11 protectiom in July.
In its bankruptcy the company listed assets ofbetweenn $50 million and $100 million and liabilities of betweebn $100 million and $500 “Declining real estate values and tight credit markets continu to impede the refinancing of assets and restructuringb of lending agreements,” Mark Rauenhort, CEO of Opus Corp., said in a In addition to general market conditions, the company cited $35 million in unpaid wagees from the federal for a projec t it was developing in College Park for the , compangy spokeswoman Winston Hewett said in a telephone interview.
The company had ceasee building speculative office buildings more than ayear ago, and it trimmedx its workforce from about 100 employees last year to aboutt 16 employees as of June 15. The companyy did not include all of its subsidiaries inthe filing. It for example, Maryland Enterprise LLC, which was developing the propertyufor NOAA, and Nursery Cornerf LLC, which built a 160,000-square-foot officwe building in Linthicum Heights for defense contractor Opus East has developed more than 13.3 million square feet of spacwe since 1994. Opus West has developed more than 52.7 milliomn square feet since 1979. Thesre bankruptcies come on the heels of the April 22 bankruptcy of OpusSouth Corp.
, an Opus affiliate based in Opus has said it plans to wind down its operations in that part of the country as Opus has said it plans to continue to run its remaininb operating companies, Opus North Corp., based in and Opus Northwest, based in Minnetonka. Those units are actively pursuing projects. They also have been less affecteds bythe recession, due to theid mix of project types, healthy balance sheetxs and stronger markets, according to Opus' preses release. Opus said its development activity has fallen tojust 4.8 millio n square feet in 2009, down from 34 millionb square feet in 2007 and 35 million square feet in 2008.
Unable to refinance millions of dollarzsin debts, the company planxs to liquidate its portfolio of commercial properties throughout the region. It was unclear how much Opus East expectsx to fetch forits properties. Parent compan y , of Minneapolis, made the announcement in a news release and said another ofits subsidiaries, Phoenix, Ariz.-basefd Opus West, expects to seek Chapter 11 protectiom in July.
In its bankruptcy the company listed assets ofbetweenn $50 million and $100 million and liabilities of betweebn $100 million and $500 “Declining real estate values and tight credit markets continu to impede the refinancing of assets and restructuringb of lending agreements,” Mark Rauenhort, CEO of Opus Corp., said in a In addition to general market conditions, the company cited $35 million in unpaid wagees from the federal for a projec t it was developing in College Park for the , compangy spokeswoman Winston Hewett said in a telephone interview.
The company had ceasee building speculative office buildings more than ayear ago, and it trimmedx its workforce from about 100 employees last year to aboutt 16 employees as of June 15. The companyy did not include all of its subsidiaries inthe filing. It for example, Maryland Enterprise LLC, which was developing the propertyufor NOAA, and Nursery Cornerf LLC, which built a 160,000-square-foot officwe building in Linthicum Heights for defense contractor Opus East has developed more than 13.3 million square feet of spacwe since 1994. Opus West has developed more than 52.7 milliomn square feet since 1979. Thesre bankruptcies come on the heels of the April 22 bankruptcy of OpusSouth Corp.
, an Opus affiliate based in Opus has said it plans to wind down its operations in that part of the country as Opus has said it plans to continue to run its remaininb operating companies, Opus North Corp., based in and Opus Northwest, based in Minnetonka. Those units are actively pursuing projects. They also have been less affecteds bythe recession, due to theid mix of project types, healthy balance sheetxs and stronger markets, according to Opus' preses release. Opus said its development activity has fallen tojust 4.8 millio n square feet in 2009, down from 34 millionb square feet in 2007 and 35 million square feet in 2008.
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