Danish carrier Cimber Sterling has secured a non-binding commitment from Manswell Enterprises to invest DKr165 million ($32 million) in the struggling carrier in a move that could create a combined Nordic airline.
Cyprus-based Manswell acquired Swedish regional carrier Skyways in December 2010, and has since taken over fellow Swedish operator City Airline.
Cimber earlier this year announced that it was in talks with potential investors to secure a capital injection after facing mounting losses.
If the deal goes ahead, Manswell will be the majority shareholder in Cimber with a 66.7% stake.
The Danish carrier said the deal will enable Manswell to "conclude a significant step towards its ambition of creating a leading regional Nordic airline".
Cimber is hoping to obtain shareholder approval for the deal by the end of July 2011. It will then be subject to approval from the Danish transport ministry.