Opus West Corp. plans bankruptcy filing - Dallas Business Journal:

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Since April, dozens of subcontractords have filed liens totaling morethan $4 milliomn against Opus Group and Phoenix-based Opus West Corp. tied to Two Addisojn Circle, a $23 million, 198,000-square-foot speculative officd buildingin Addison. The building was developefd and is owned by OpusWest Corp. The liend claim Opus owes the subcontractors for laboer or materials provided in the courseof construction.
The six-storyg Two Addison Circle building on the west side of the Dallaws North Tollway just north of Arapaho Road wasrecentlg completed, but has no The credit crunch and slowing demand for office space have left Opus unable to get permanenyt financing to replace the short-term construction loan on the Addison an Opus spokeswoman told the Dallasd Business Journal last month. Officials with Opus West coulc not immediately be reached for comment for this Other Opus West projects in North Texas include the 121 Lakepointe an office and industrial development in andBroadstone Parkway, a 5.8-acre mixed-use projecrt at 5005 Galleria Drive in North , which is based in Minn.
, is a design-builxd development firm that specializes in office, retail, multifamily, government and institutional projects. It also controlx Washington-based LLC, which filed for Chapted 7 liquidationthis week, according to the Washington Business Journal. Opus Group said its Opus South subsidiary, whichn is based in Atlanta, filed for reorganization in bankruptcy court onApril 22. In a prepared statement, Opus Grouop said the bankruptcy filings are a result of a steel decline in commercial real estates values and difficult creditmarket conditions.
The companyg also indicated that and have been less affecteds by shaky economic conditions because of their mix of project typex instronger markets. The company said Opus West planas to maintain its Phoenix headquartersand "qa modest presence" in Texas and Californias that will focus on asset sales.