Regional airline, LIAT, will spend at least US$54 million upgrading its aging fleet in the new year.

The process will begin, according to acting chief executive officer Brian Challenger, with extensive discussions with financiers, manufacturers, technical authorities, and civil aviation authorities.

"We need to look at the full implication of any changes," said Challenger.

"Even staying with the same manufacturer and upgrading the aircraft will have certain implications, so that in doing a fleet renewal, changing your fleet or shifting your aircraft there are a number of players with whom you need to touch base."

The Antigua-based carrier has a fleet of 18 Dash-8 aircraft, with 15 that have a seating capacity of 50, and three 37-seater planes.

In October, St Vincent and the Grenadines prime minister Ralph Gonsalves said the shareholders, which include the governments of St Vincent, Barbados and Antigua and Barbuda, were seeking to replace the 37-seater planes with newer aircraft to the tune of US$54 million.

"The financing itself is a huge challenge as you can imagine but there are also regulatory, there are also operational, issues so that, yes, we have begun the process and we will intensify that process very early in the new year," Challenger said.

"LIAT has been in discussion, not only with the Chinese but with a number of other manufacturers; the Chinese, Europeans, North Americans. We've kept all doors open and we are eager to speak to all parties so that we can come up with a mutually advantageous relationship as we go forward in this challenging environment."

Canadian-based Bombadier is LIAT's current supplier of aircraft.

- CMC