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Opus has hired counsel to explorew restructuring options forits Phoenix-bases operating company, Opus West, according to Winston Hewett, a company The restructuring could include filinbg for Chapter 11 bankruptcy, similart to action taken by its Atlanta-based Opus South subsidiargy April 22. In early May, three weekw after the Hill Country Galleriaa in Bee Cave was postedfor foreclosure, Opus' businesx entity set up specifically for the outdoor mall filed for Chapter 11 bankruptcyt protection in Austin. Opus West stated at the time thatthe mall' bankruptcy will enable the company to restructure its constructio loan.
The company was unable to refinancsthe project's short term loan, which resultee in the foreclosure posting in April. The which opened in 2007, is anchorecd by Dillard's, Barnes & Noble and Dick's Sportinb Goods. According to Phoenix-based Opus the property will continuwe to operateas usual. Also in May, Opus West Presideng Thomas Roberts leftthe firm.
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