Three Opus Corporation companies file for bankruptcy
Opus Corporation, a developer headquartered in Minnetonka, Minn., filed for bankruptcy in three of its five regional operating companies. CEO Mark Rauenhorst said sharp declines in commercial real estate values and tight credit
markets caused difficulties in refinancing assets and restructuring lending agreements.
Opus East, Washington, D.C., filed a Chapter 7 liquidation listing assets of $50 million to $100 million and liabilities of $100 million to $500 million. The operating company developed more than 13.3 million square feet of space since it opened in 1994.
Opus South, Atlanta, filed for Chapter 11 in April and will close when reorganization is complete.
Opus West, Phoenix, filed for Chapter 11 reorganization and will close at a future date. It has developed more than 52.7 million square feet since it opened in 1979.
Opus Northwest, Minnetonka, and Opus North, Chicago, continue to be profitable and are completing projects as well as pursuing new projects.