Earthbound RV, one of the newest manufacturers in the industry, has shut its doors and is auctioning off its assets according to a report in the Indiana Economic Digest.
The auction for Earthbound’s assets is set to take place on Jan. 15 and will be used to repay a loan backed by the city of Marion, Ind.
The city backed a $2 million dollar loan in 2010 to help the startup. However, Earthbound failed to make a $155,000 loan payment.
“We’re auctioning off everything they have,” Marion Mayor Wayne Seybold told the Indiana Economic Digest. “There are a lot of assets to auction off. We’ll get as much money out of it as we can.”