Neumann Homes Reeling From Subprime Woes

Law360, New York (November 7, 2007, 12:00 AM EST) -- Bankrupt homebuilder Neumann Homes has racked up at least $235 million in debts, the company revealed in court papers filed earlier this week.

In documents filed with the U.S. Bankruptcy Court for the Northern District of Illinois, Neumann said it owes some $217.4 million to a group of lenders, including Bank of America NA; Cole Taylor Bank; Comerica Bank; First Midwest Bank; Guaranty Bank; IndyMac Bank FSB; RBC Centura Bank; and Residential Funding Company LLC.

Neumann also said that approximately $11.9 million is still owed to...
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