Former APG business park developer Opus East to liquidate under Ch. 7 - Puget Sound Business Journal (Seattle):

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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.