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

By Jennifer Lanning Drey

Portland, Ore., July 16 - Neumann Homes Inc.'s hearing for approval of its $2.5 million debtor-in-possession financing was continued to Aug. 20, 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.

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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