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Opus has hired counsel to explore restructuring optionsx forits Phoenix-based operating company, Opus according to Winston Hewett, a companyt spokeswoman. The restructuring could include filing for Chapterd11 bankruptcy, similar to action taken by its Atlanta-based Opus Sout h subsidiary April 22. In early May, three weeks after the Hill Country Galleri in Bee Cave was postedfor Opus' business entity set up specifically for the outdoofr mall filed for Chapter 11 bankruptcyg protection in Austin. Opus West stateed at the time thatthe mall' s bankruptcy will enable the companyg to restructure its construction loan.
The companyy was unable to refinancethe project's shorft term loan, which resulted in the foreclosure postin g in April. The galleria, whichh opened in 2007, is anchored by Dillard's, Barnes Noble and Dick's Sporting Goods. According to Phoenix-baseds Opus West, the property will continue to operateas usual. Also in May, Opus West Presiden t Thomas Roberts leftthe firm.
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