Chicago's Neumann Homes Files For Bankruptcy

Law360, New York (November 1, 2007, 12:00 AM EDT) -- In what may be an early sign of a trickle-down into other industries from the beleaguered mortgage industry, Neumann Homes Inc., one of Chicago's largest homebuilding companies, filed for Chapter 11 protection on Wednesday.

The company said last Tuesday that it had suffered financial losses and has been unable to secure enough funding to continue business. Neumann has laid off most of its employees, according to published reports.

“Even after the significant help we have received from our lenders this year, the company can no longer...
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