Orbest Orizonia Airlines is holding talks with Barcelo Group in a bid to keep flying despite its parent filing for bankruptcy protection last week.
Flights will continue until at least 24 February, a source within the airline tells Flightglobal.
“The company is in the process of being sold to Barcelo Group, who will continue operations,” he says. "We are still waiting for official information.”
A previously announced deal between Orizonia and travel firm Globalia is no longer proceeding, the source adds.
Orizonia filed for bankruptcy protection in mid-February. A statement on the airline subsidiary’s website confirms that its parent is ceasing operations.
Local media reports suggest that Barcelo Group is looking to operate just one aircraft from Orbest’s nine-strong fleet.
The group is interested in the Airbus A330 deployed by the airline’s Portuguese subsidiary (MSN 461), preferente.com reports.