Neumann Homes looks to hire financial adviser, restructuring officer

By Caroline Salls

Pittsburgh, Nov. 29 - Neumann Homes, Inc. requested court approval to retain UHY Advisors FLVS, Inc. as its financial adviser and to hire UHY managing director Paul Andrews as Neumann's chief restructuring officer after it secures debtor-in-possession financing and directors' and officers' insurance, according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

According to the motion, as financial adviser, UHY will assist the company in its operations and manage its restructuring efforts, including negotiating with parties in interest and coordinating the company's employees and external professionals who are assisting Neumann in its restructuring.

After the company secures DIP financing and insurance, Andrews will serve as its sole director and officer.

A hearing is scheduled for Dec. 11.

Neumann Homes, a Warrenville, Ill.-based homebuilder, filed for bankruptcy on Nov. 1. Its Chapter 11 case number is 07-20412.

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