CHICAGO—Neumann Homes Inc. has filed for Chapter Eleven bankruptcy protection, ten days after it said it was being forced to do so by the falloff in housing demand.
The Warrenville-based builder says in a brief filing in U.S. Bankruptcy Court that it has more than a thousand creditors and more than $100 million in liabilities. It also estimates its assets at more than $100 million.
Neumann Homes is a large homebuilder in Chicago, Denver, Detroit and Wisconsin.
After closing its offices last month, it attributed the need for a bankruptcy filing to the slump in housing markets, which have been hammered by a steep drop-off in both price and demand.
It also said it had been unable to secure adequate funding to continue operating.
