Neutron emission from 14N + 165Ho collisions has been studied at 25 MeV/u incident energy. Energy and angular distributions of the neutrons were measured in coincidence with projectile-like fragments (Li, Be, B, and C) emitted at angles of 10° and 30°. The spectra of neutrons at angles far from the angle of a coincident fragment have been satisfactorily parameterized in terms of a slowly moving, target-like source of temperature 2-3 MeV and a half-beam-velocity source of temperature about 7 MeV. The latter source accounts for about 20% of the detected neutrons for in-plane measurements. The out-of-plane cross sections are smaller. The relevant parameters of the moving-sources parametrization suggest a simple model which qualitatively explains the data in terms of the development of a hot participant zone and its subsequent mass exchange interactions with spectators in the projectile and target nuclei.