LIAT 2020 will receive a helping hand after it was announced that Nigeria’s Air Peace will acquire a majority stake in the airline.

As part of plans to jump start the NewCo formed from the ashes of LIAT (1974) Limited, Antigua and Bermuda’s Prime Minister Gaston Browne announced that the twin island country will enter into a joint venture with privately owned carrier Air Peace. Both parties will invest cash and other assets, with Air Peace acquiring a majority interest.

According to Loop Caribbean, Antigua’ PM said the aim of the airline is to provide safe and reliable air transport for passengers and cargo within the Eastern Caribbean islands, and beyond. The joint venture came to be after Antigua and Barbuda’s Foreign Minister Chet Greene initiated talks with Air Peace CEO Allen Onyema last month in Nigeria.

LIAT’s checkered history

Prior to the pandemic, LIAT (1974) Limited was struggling to keep afloat, dragging around a US $4.4 million debt at the end of 2019. Going into 2020, it was clear that there was no hope for LIAT as various island investors were no longer willing to fork out cash to prop up the loss-making airline.

Air Peace to the rescue?

Based on Lagos, Nigeria, Air Peace operates flights across Nigeria and West Africa with a fleet of 30+ aircraft including Boeing 737s, 777s, Airbus A320s and Embraer E Jets. The privately owned airline has already shown Caribbean interest, entering into talks with the government of Barbados to discuss a possible link between the island and Nigeria. It is expected that flights between the two countries may start as early as Q2 of 2023.