Neumann Homes files plan of liquidation; trust to be established

By Caroline Salls

Pittsburgh, Aug. 28 - Neumann Homes, Inc. filed its plan of liquidation and related disclosure statement Thursday with the U.S. Bankruptcy Court for the Northern District of Illinois.

Under the plan, the company's assets will be liquidated, and the net proceeds will be distributed to creditors.

Treatment of creditors will include:

• Holders of Bank of America secured claims, Comerica secured claims, Guaranty Bank secured claims, IndyMac secured claims will receive the collateral securing their claims to the extent that the claims have not already been satisfied and the collateral has not already been sold or abandoned;

• Other secured claims will be reinstated;

• Holders of non-tax priority claims will be paid in full in cash;

• Holders of general unsecured claims will receive a share of liquidation trust plan distribution property; and

• Holders of old equity interests, affiliate interests and subordinated claims will receive no distribution.

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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