Neumann Homes hearings for DIP loan, bidding procedure approvals further delayed

By Jennifer Lanning Drey

Portland, Ore., June 11 - Neumann Homes, Inc.'s hearing for approval of its $2.5 million debtor-in-possession financing was continued to July 16, according to a source familiar with the case.

Additionally, the hearing for approval of the bidding procedures related to Neumann's asset sale arrangement with Comerica Bank was continued to the same date.

As previously reported, Neumann requested court approval of the DIP loan in November 2007, and the hearing for final approval has been pushed back multiple times. An ad hoc committee of the company's secured trade creditors objected to the financing.

Both hearings were most recently scheduled for Wednesday in the U.S. Bankruptcy Court for the Northern District of Illinois.

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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