"Opus West has retained counsel to explore restructuring options," a spokeswoman for the Minneapolis-based Opus Corp. tells GlobeSt.com. "To date, there have been no head count reductions or bankruptcy filings."
This is not to say that steps aren't being taken in light of the current economy. Tom Roberts, a long-time company executive, recently stepped down. The spokeswoman says that, in addition, the company has been realigning its size and structure.
"Like all real estate companies, we're working with lenders to restructure loans," she comments. Furthermore, while Opus West is a developer, it hasn't started any new projects in more than a year.
"What's remaining are projects in development," the spokeswoman explains. "And as those projects are coming to completion, we are downsizing to better meet the current situation."
Like many developers in the current economy, Opus Corp. has taken its hits in 2009. In April, Opus West had to foreclose on the Hill Country Galleria. Earlier in the year, Opus South Corp. suffered through a string of layoffs.
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