Neumann Homes granted exclusivity extension to allow for sale of developed properties

By Jennifer Lanning Drey

Portland, Ore., Feb. 20 - Neumann Homes Inc. was granted an extension Wednesday to its exclusive periods to file a plan of liquidation and solicit votes on the plan by the U.S. Bankruptcy Court for the Northern District of Illinois, according to an attorney.

The exclusive plan-filing period was extended to July 31 from Feb. 29 and the solicitation period to Oct. 31, 2008 from April 29.

When requesting the extension, Neumann said it expects to be in a better position to file a liquidation plan after it completes negotiations and moves forward with the marketing and sale of developed properties that will help the company "create a path for the remainder of the Chapter 11 cases."

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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