Opus South asks to have Chapter 11 bankruptcy converted to Chapter 7

By Jennifer Lanning Drey

Portland, Ore., May 14 - Opus South Corp. asked the U.S. Bankruptcy Court for the District of Delaware to convert its Chapter 11 bankruptcy case to Chapter 7, according to a Thursday filing.

The company said it began its bankruptcy case hoping to maximize the value of its assets through a sale.

However, Opus South said it had come to an impasse with pre-bankruptcy lender Bank of America over negotiations on whether a sale or some other transaction, such as foreclosure or case conversion, would generate the most value for its estate.

The company said Bank of America did not consent to the sale prior to the bid procedures hearing, and the company does not have the internal resources to administer and maintain its property.

A hearing has not yet been scheduled.

Opus is an Atlanta-based design-build development firm. Its Chapter 11 case number is 09-11390.

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