Neumann Homes granted three-month exclusivity extension to resolve remaining issues

By Jennifer Lanning Drey

Portland, Ore., Dec. 11 - Neumann Homes, Inc. obtained an extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

The exclusive plan-filing period was extended to March 31 from Dec. 31 and the solicitation period to June 30, 2009 from March 31.

When requesting the extension, Neumann said over the next few months it will attempt to resolve the remaining issues in its Chapter 11 cases.

Specific issues mentioned included 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.

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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