Aer Arann is due back before the High Court today following the appointment of an interim examiner.
A full hearing is expected to decide whether the insolvent airline owned by Padraig O'Ceidigh should remain under court protection.
Aer Arann has incurred losses of €18m since 2008.
The regional airline currently has debts of around €10m, if it stays afloat.
Some of its biggest creditors include AIB and the Dublin Airport Authority.
Seven groups made up of airlines and private equity have expressed interest in buying into the company, which employs 320 people since interim examiner Michael McAteer of Grant Thornton was appointed last month.
It is understood that Ryanair and Aer Lingus will not be investing.
A full hearing on the examinership is due to be heard today with no opposition from creditors expected.