MVP RV out of Business

News — By on February 21, 2012 at 12:07 pm

I saw in the Press Enterprise today that  and I thought people that owned Envy, Vortex and Impact toy haulers would want to know.

MVP RV, the Inland recreational vehicle maker that credited its revival to Chinese investor Winston Chung who pledged to give the company $310 million to build RVs for China, has gone out of business, according to the firm now managing its assets.

The company assigned all of its assets to a private, non-profit, liquidation firm on Dec. 12, according to Michael Joncich, manager of Credit Management Association’s adjustment bureau. MVP RV had sold off all its trailer and RV inventory to dealers and since December had not taken any new orders, Joncich said.

The RV-maker didn’t file for bankruptcy but instead signed over control of its assets to Joncich’s firm. Joncich said the company owes creditors $37 million, confirming that Fadar International, Chung’s former business partners who have sued him in Riverside County Superior Court alleging fraud and breaching contracts, is owed a substantial amount of that sum. Other creditors include vendors and dealers who may have had claims on warranties.

Industry publication RV PRO has reported that Chung is among the bidders to buy MVP RV’s assets. The publication also reported that an MVP RV executive was hopeful that the company would return to production.

 

http://www.pe.com/business/business-headlines/20120221-industry-mvp-rv-out-of-business.ece

 

Tags: Envy, MVP RV, Toy Haulers, toyhauler, Vortex

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