Neumann Homes granted court OK of $1 million Precision Framing asset sale

By Caroline Salls

Pittsburgh, Dec. 19 - Neumann Homes, Inc. obtained approval of the $1 million sale of assets related to its Precision Framing Systems, LLC business to 4908 Tower, LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

Precision Framing is located in Denver.

4908 Tower will pay $425,310 of the purchase price through payment of existing debt related to the assets, and $374,690 will be paid via a promissory note. The balance of the purchase price will be paid in cash at closing.

In addition to the purchase price, Neumann said it expects to receive about $800,000 in cash proceeds from 4908 Tower's purchase and/or liquidation of Precision Framing's inventory by March 31.

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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