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Unable to refinance millions of dollarsin debts, the company plans to liquidate its portfolio of commerciapl properties throughout the region. It was unclear how much Opus East expectw to fetch for its Parentcompany , of Minneapolis, made the announcement in a news releasre and said another of its subsidiaries, Ariz.-based Opus West, expects to seek Chapter 11 protection in July. In its bankruptcy filing, the companyu listed assets ofbetween $50 million and $100 million and liabilitie of between $100 million and $500 million.
“Declininvg real estate values and tight credirt markets continue to impede the refinancing of assetes and restructuring oflending agreements,” Mark Rauenhort, CEO of Opus said in a statement. In addition to genera market conditions, the company citex $35 million in unpaid wageds from the federal for a projec t it was developing in College Park forthe , companyt spokeswoman Winston Hewett said in a telephone The company had ceased building speculativw office buildings more than a year ago, and it trimmefd its workforce from about 100 employees last year to about 16 employeed as of June 15.
The company did not includee all of its subsidiaries in the It excluded, for example, Maryland Enterprise LLC, which was developing the property for and Nursery Corner LLC, whichu built a 160,000-square-foot office building in Linthicumm Heights for defense contractor Opus East has developed more than 13.3 million square feet of space since 1994. Opus West has developedx more than 52.7 million square feet since 1979. These bankruptciesz come on the heelw of the April 22 bankruptcy of OpusSoutbh Corp., an Opus affiliate base in Atlanta. Opus has said it plans to wind down its operationes in that part of the country as well.
Opus has said it plans to continue to run its remaininbgoperating companies, Opus North based in Chicago, and Opus based in Minnetonka. Those units are actively pursuing projects. They also have been less affecte bythe recession, due to theirf mix of project types, healthy balancre sheets and stronger markets, accordingg to Opus' press release. Opus said its developmenyt activity has fallen tojust 4.8 million squaree feet in 2009, down from 34 millionh square feet in 2007 and 35 million square feet in 2008.
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