Orbest Orizonia Airlines issued an internal communique to employees earlier this week announcing that a rescue deal has been reached with Barcelo Group, according to a source at the Spanish airline.
The Orizonia subsidiary faced being grounded on 24 February after its parent filed for bankruptcy protection earlier in the month.
A previously announced deal with Globalia failed to materialise, but the source says that the subsequent agreement with Barcelo "100% went through, pending the approval of the lenders to the company".
The deal centres on Orbest's Portuguese subsidiary, he confirms, which operates a single Airbus A330 on flights from Lisbon to central America.
It is not clear whether any of Orbest's other eight aircraft - two A330s and six A320s - are included in the agreement. Spanish business news website preferente.com reports that a pair of Airbus A320s may also be salvaged.
Orbest did not immediately respond to questions submitted via email, and Barcelo Group could not be reached for comment.