Neumann Homes seeks third exclusivity extension to resolve case issues

By Caroline Salls

Pittsburgh, Dec. 1 - Neumann Homes, Inc. requested an extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

The company wants to extend its exclusive plan-filing period to March 31 from Dec. 31 and the solicitation period to June 30, 2009 from March 31.

Over the next few months, the company said it will attempt to resolve the remaining issues in its Chapter 11 cases, including finalizing the disposition of IndyMac Bank's collateral, monetizing remaining assets and various claims and developing and filing a plan that creates and funds a litigation trust for the benefit of unsecured creditors.

Neumann said it expects to be in a position to file a plan by the end of March.

A hearing is scheduled for Dec. 10.

Neumann Homes, a Warrenville, Ill.-based homebuilder, filed for bankruptcy on Nov. 1, 2007. Its Chapter 11 case number is 07-20412.

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