Antiguan Prime Minister Gaston Browne has announced that Air Peace, a Nigerian airline, is set to acquire a 70 percent stake in LIAT 2020.
The intention is for LIAT 2020 to be operated purely on a commercial basis.
According to the Prime Minister, efforts are currently being made to establish the air operating certificate (AOC) for LIAT 2020.
He emphasizes that the revamped LIAT will not function as a regional bus, operating unprofitable routes.
Once the agreement with Air Peace is finalized, LIAT, headquartered in Antigua, could potentially have a fleet of up to six aircraft.
Air Peace has been operating for 10 years with a fleet of 31 aircraft and flying to 20 destinations from Lagos to Mumbai, Johannesburg, Dubai and Tel Aviv.
It also operates B777-300 with 364 seats.