Later this month, what’s left of a big Inland Empire RV maker will go on the auction block. MVP RV was once a powerhouse in the industry, but now the company is caught in a dispute between its wealthy investors.
MVP RV was pulled from the brink of financial ruin three years ago when Chinese businessman Winston Chung invested more than $300 million in the company. The recreational vehicle-maker went on to hire several hundred more workers and purchase facilities that once belonged to Fleetwood, another struggling RV maker.
But late last year MVP ceased operation, and the company now owes creditors nearly $40 million. Its current assets are valued at about half that.
Chung has been fighting a group of investors over control of the firm — investors who want to shut down the company entirely and put MVP’s two Moreno Valley buildings on the block, in addition to about one-and-a-half million square feet of land, some industrial equipment and other inventory.
Interested buyers can get a preview on April 17 at MVP headquarters in Jurupa Valley. The auction is set for April 19.