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Opus South - Southeast condo developer

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2009-04-22

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stories: bizjournals.com

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:

It is the first move in Opus Corp.'s decision to exit the Southeastern U.S. market.

The deterioration of the commercial and residential real estate markets in the Southeast prompted the division and some of its subsidiaries to file for bankruptcy, Opus said in a press statement.

"While we began slowing the pace of new development nearly two years ago in anticipation of difficult market conditions, we must now take additional measures to enable an orderly wind down of our portfolio, protect asset values and maximize returns on lenders' investments," said Anne Marie Solberg, chief restructuring officer for Opus South, in the news release. Opus South will maintain operations in Atlanta and Tampa to work on asset dispositions and transitions.

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.