Saying the two airlines no longer fit its corporate strategy, River Hawk Aviation, Inc., formerly Viva International, completed a stock purchase agreement with privately held Southland Holding Corp. that provides for the sale of all of River Hawk’s equity interest in its subsidiaries, Puerto Rico-based Eastern Caribbean Airlines Corporation and Santo Domingo, Dominican Republic-based Viva Air Dominicana, S.A. River Hawk acquired the companies in 2005. Related Story
The agreement provides for the assignment of certain recorded liabilities valued at $1.25 million to Southland, which has also assumed any damages awarded against River Hawk in the outstanding litigation matter of Ivan Figueroa versus Eastern Caribbean Airlines Corporation and Viva International, Inc.
“This enable River Hawk to focus on its aviation business and in the process strengthen our balance sheet,” said River Hawk CEO Calvin Humphrey. “Our board of directors decided that Eastern Caribbean and Viva Air did not fit the strategic business plan of the company. The agreement removes a number of obstacles that were inhibiting our path to developing our business and access to capital.”
Future plans call for the acquisition of aviation-related operating businesses and airlines that display the potential for restructuring into profitable and sustainable aviation-related growth concerns. River Hawk is an aviation parts and components supplier in the aviation industry, currently specializing in Saab and other commuter aircraft parts and components as well as a provider of consulting services, marketing and appraisals to the aviation community. At present, the company maintains executive offices in Michigan and also has offices and inventory warehousing in San Antonio.