Neumann Homes files Chapter 11 bankruptcy

By Caroline Salls

Pittsburgh, Nov. 2 - Neumann Homes, Inc. filed for Chapter 11 bankruptcy Thursday in the U.S. Bankruptcy Court for the Northern District of Illinois.

The filing also covers subsidiaries NDC Fabrications, LLC; Neumann Homes of Colorado LLC; Neumann Homes of Wisconsin LLC; NeuPro Co., LLC; and Precision Framing Systems, LLC.

The company listed more than $100 million in both assets and debt.

According to court documents, Neumann Homes' largest unsecured creditors include:

• Residential Funding Corp., Pine Brook, N.J., with a $75 million bank loan claim;

• Fidelity Deposit Co. of Maryland, Schaumburg, Ill., with a $19.42 million surety bond claim;

• Carolina Casualty Insurance Co., Jacksonville, Fla., with an $11.94 million surety bond claim;

• Lexon Insurance Co., Louisville, Ky., with a $7.94 million surety bond claim;

• Bank of America, NA, with a $4.96 million bank loan claim;

• Chicago Title, with a $4.5 million title insurance claim;

• Bond Safeguard Insurance Co., Louisville, Ky., with a $4.06 million surety bond claim;

• Platte River Insurance Co., Madison, Wis., with a $3.7 million surety bond claim;

• Travelers Casualty and Surety Co., Hartford, Conn., with a $1.42 million surety bond claim; and

• Landmark Title Co., Kenosha, Wis., with a $1.25 million title insurance claim.

Neumann Homes is a Warrenville, Ill.-based new homebuilder. Its Chapter 11 case number is 07-20412.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.