Neumann Homes' hearing for DIP approval continued to Feb. 27

By Jennifer Lanning Drey

Portland, Ore., Feb. 20 - Neumann Homes Inc.'s hearing for final approval of its $2.5 million in debtor-in-possession financing was continued to Feb. 27, according to a source familiar with the case.

The case is being heard by the U.S. Bankruptcy Court for the Northern District of Illinois, and approval has been pushed back multiple times since the originally scheduled Nov. 30 hearing date.

The company has already received $1.3 million in DIP financing and said previously that it has been negotiating with lenders for additional funding.

Guaranty Bank is the DIP agent, and Cole Taylor Bank, IndyMac Bank, FSB, RBC Builder Finance and Residential Funding Co. LLC are the other DIP lenders.

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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