Neumann Homes: bankruptcy court confirms modified plan of liquidation

By Lisa Kerner

Charlotte, N.C., Feb. 8 - Neumann Homes, Inc.'s plan of liquidation was confirmed by the U.S. Bankruptcy Court for the Northern District of Illinois on Monday, according to an attorney close to the case.

As previously reported, the debtors announced resolutions to pending objections that would be incorporated into a confirmation order and modified plan.

The plan was modified so that Holders of Bank of America secured claims, Guaranty Bank secured claims and IndyMac secured claims would receive the collateral securing the claims, according to a Monday filing with the court.

Treatment of creditors, according to Neumann's plan of reorganization filed in August, will also include:

• 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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