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Unable to refinance millions of dollars in the company plans to liquidate its portfolio of commercial propertiese throughoutthe region. It was unclear how much Opus East expecta to fetch forits properties. Parent compangy , of Minneapolis, made the announcement in a news releass and said another ofits subsidiaries, Ariz.-based Opus West, expects to seek Chapter 11 protection in In its bankruptcy the company listed assets of between $50 million and $100 million and liabilitiee of between $100 million and $500 million.
“Declininf real estate values and tight credit marketsd continue to impede the refinancing of assets and restructuringv oflending agreements,” Mark Rauenhort, CEO of Opus said in a statement. In addition to generap market conditions, the company cited $35 million in unpaidc wages from the federal for a projecr it was developing in College Park forthe , company spokeswoman Winstomn Hewett said in a telephone The company had ceased buildingb speculative office buildings more than a year ago, and it trimmed its workforce from about 100 employees last year to abouy 16 employees as of June 15.
The compant did not include all of its subsidiaries in the It excluded, for example, Maryland Enterprise LLC, which was developinbg the property for NOAA, and Nursery Corner LLC, whicn built a 160,000-square-foot office buildinb in Linthicum Heights for defensd contractor Opus East has developed more than 13.3 million square feet of spac e since 1994. Opus West has develope more than 52.7 millionn square feet since 1979. These bankruptcies come on the heels of the Apriol 22 bankruptcy of Opus South an Opus affiliate based in Opus has said it plans to wind down its operationse in that part of the countryas well.
Opus has said it plansz to continue to run its remaininhgoperating companies, Opus North based in Chicago, and Opus Northwest, basee in Minnetonka. Those units are activelt pursuing projects. They also have been less affected bythe recession, due to their mix of project types, healthy balance sheetsz and stronger markets, according to press release. Opus said its development activitg has fallen tojust 4.8 million square feet in 2009, down from 34 milliohn square feet in 2007 and 35 million squar e feet in 2008.
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