A popular Australian vehicle company has collapsed while holding a multi-million-dollar debt.
News Corp revealed on Friday the staggering debt left by Network RV, a leading Australian caravan group, was $30 million.
The company has become the latest in a line of caravan producers being forced to liquidate or enter voluntary administration.
Network RV owns Vancraft, Nextgen, and Victory brands, and also has three Fair Dinkum Caravan dealerships across the country, which are now all looking to be sold.
Of the debt, $10 million is owed to a financier, $12 million to trade creditors and $3 million to the ATO.
Employee entitlements are valued at $1.5 million too, with potential redundancies also coming to a further $1.5 million for the company.
The group hold 129 completed vans and 19 more still in production.
Administrators told News Corp that there has been strong interest in the sale of the company.
SV Partners administrator David Stimpson said that he is “confident such a sale will ensure a continuity in the supply of the Network, Victory, Styline and Vancraft caravan brands to dealers”.
“There is strong interest in the business and we are in the midst of a marketing campaign to key players in the industry,” he added.
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