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Opus has hired counsel to explore restructurinfg options forits Phoenix-based operating company, Opus according to Winston Hewett, a companty spokeswoman. The restructuring could include filing for Chapter11 bankruptcy, similar to action taken by its Atlanta-based Opus South subsidiarhy April 22. In early May, three weeks afteer the Hill Country Galleria in Bee Cave was postedfor Opus' business entity set up specifically for the outdoort mall filed for Chapter 11 bankruptcy protectio n in Austin. Opus West stated at the time thatthe mall'sa bankruptcy will enable the company to restructured its construction loan.
The company was unable to refinancethe project's short term which resulted in the foreclosur e posting in April. The which opened in 2007, is anchored by Barnes & Noble and Dick'z Sporting Goods. According to Phoenix-based Opus the property will continue to operatsas usual. Also in May, Opus West Presidenty Thomas Roberts leftthe firm.
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