Neumann Homes names $9 million credit bid as high bid for Antioch, Ill., development

By Jennifer Lanning Drey

Portland, Ore., Nov. 17 - Neumann Homes, Inc. named Cole Taylor Bank's $9 million credit bid as the highest bid received for the company's Clublands of Antioch development in Antioch, Ill., according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

According to the filing, the amount includes all of the loans made by Cole Taylor to Neumann Homes during its bankruptcy case for the purchase of the development.

The sale hearing is scheduled for Wednesday.

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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