McGuckian says Aergo has commitments for four converted Classics, which it owns, although she would not identify the customer or customers. The company also is close to deals for another two, she says.

Aergo has seen interest in the converted aircraft from carriers in South America, Eastern Europe and Africa, as well as Syria and Jordan. Canadian carriers serving mining and drilling areas also could become customers, McGuckian says.

Aergo, however, will run into competition in those markets from AEI, which recently embarked on a new program to convert MD-80 aircraft.

AEI’s Convey says that the conversion of a 737-400 can run $7.5-8.5 million when the cost of acquisition, conversion, maintenance and painting is included, but that the MD-80 costs less than $4 million and carry a similar payload. AEI says it has 15 firm orders for MD-80 conversions, including a customer in Africa and another in Europe, and is close to a deal for an order for three from an airline in Mexico.