Project Phoenix signs three LoIs for refitted aircraft

So far, three letters of intent (LOIs) have been signed for the 30 aircraft under discussion, one of them by a private equity firm in Dubai, Opus Capital. It will be purchasing two aircraft.

The estimated cost for a refitted aircraft is $17.9 million, based on an airframe of 20,000 nautical miles. However, cost will vary depending on its configuration, said Mike Cappuccitti, president of the programme, known as Project Phoenix. He also said Project Phoenix was pledging to retrofit a CRJ-200, fitting long-range fuel tanks if required, within eight months. These aircraft are put through a maintenance upgrade before installing a new interior and in flight entertainment system. Avionics will also be added as well as an additional fuel tank to allow the CRJ-Phoenix to conduct long-range flights. The programme, said Cappuccitti, is being launched to address two significant challenges facing the business aviation sector: rapidly rising prices and increasingly long lead times.

The launch of a “sustained programme to convert multiple aircraft will allow buyers of large executive aircraft a viable and cost-effective alternative to new business aircraft models in the 2,200-3,000 nautical miles - for which new customers are having to wait up to five years for a delivery slot, he explained. Project Phoenix is aimed at the Middle East and Asian markets in particular followed by Europe and then the US. Direct and fixed operating costs are predicted to be very similar to other executive jets in this class, while the total hourly costs are expected to be much lower owing to the significantly lower capital cost, he said. “Project Phoenix directly addresses buyers’ concerns with regard to price and delivery with absolutely no trade-off in comfort and safety,” said Cappuccitti, adding: “The aircraft will present ‘as new’ for a price below that of any new aircraft in its class.”