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Opus has hired counse to explore restructuring options forits Phoenix-basedx operating company, Opus West, according to Winston Hewett, a company spokeswoman. The restructurintg could include filing for Chapter 11 similar to action taken byits Atlanta-baserd Opus South subsidiary April 22. The new project that went into foreclosures recently is calledthe . The 300,000-square-foot offics building, near the in Ariz., is the subject of a lawsuiy by , which is seekin $30.9 million for a past-due construction loan on the new according to a story published June 7 by The ArizonaRepublix newspaper. The bank has scheduled a foreclosurrauction Aug. 13 for that the story said.
This is just the latestg turmoil forOpus West. In May, Opus West presideng Thomas Roberts left the firm shortly after Opus filed Chapter 11 bankruptcyfor , near Texas. The developer put the mall into Chaptert 11 to prevent it from being sold at a foreclosure auctiomn by a group of lenders who had financedits
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