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Opus South Files Chapter 11

ATLANTA-The developer will wind down regional operations, blaming Florida's condo market.

By Carl Cronan | Updated on April 22, 2009

ATLANTA-Opus South Corp. has filed for Chapter 11 reorganization under the US Bankruptcy Code to facilitate an ongoing financial restructuring. The locally based company—which also has operations in Tampa, FL—has included some of its subsidiaries in the filing.

“We are completely winding down operations,” Winston Hewett, director of corporate communications with Minneapolis-based Opus Corp., tells GlobeSt.com. She says none of Opus’ other four regional divisions are affected by Opus South’s decision.

The bankruptcy filing is necessitated by continued deterioration of economic conditions in the Southeast real estate markets, according to Anne Marie Solberg, Opus South’s chief restructuring officer. “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,” Solberg stated in a release.

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