Current news for this company:
Opus South - Southeast condo developer
Southeast condo developer Opus South, an operating division of parent Opus Corp, has filed for Chapter 11 bankruptcy protection according to the St. Paul Business Journal. According to Opus Corp:
The article goes on to note that Opus South has 25 employees who will work to "wind down" operations.
According to the Opus website, Opus South was headquartered in Atlanta and had an additional office in Tampa. Since Opus South's inception in 1981, the division had developed over 27 million square feet.
Opus South cites the downturn in the Florida condominium market as the primary reason they must seek bankruptcy protection.
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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.