Kimball Hill seeking investors as it files Ch. 11

Crain's Chicago Business reports:

After months of negotiations with its lenders, beleaguered homebuilder Kimball Hill Inc. filed for Chapter 11 bankruptcy protection Wednesday.

Battered by the housing recession and with losses piling up, the Rolling Meadows-based company joins a growing list of homebuilders in bankruptcy court, including Warrenville-based Neumann Homes Inc. With more than $60 million in cash, Kimball Hill plans to continue operations as it restructures its debt.