Irish regional airline Aer Arann has entered full examinership for a period of at least 50 days.
A review of the current difficulties experienced by the company was heard at the High Court in Dublin on Wednesday.
In August Michael McAtteer of Grant Thornton was appointed as interim examiner to the firm after it suffered €18m losses since 2008.
In a statement on Wednesday, Mr McAteer said he believed the company had a "reasonable prospect of survival."
He also confirmed that "14 parties had expressed an interest in investing in the firm."
Aer Arann Chief Executive Paul Schütz said the appointment of Mr McAteer was "very positive news for the company".
"As detailed in the Court the current difficulties in Aer Arann stem from external factors that were beyond our control. However we believe that we can build a robust business and develop the airline so that we can continue to provide vital regional air connectivity", said Mr. Schütz.
"We aim to exit examinership within 50 days."
Aer Arann said customers would not be affected and flights would operate as normal.
The company, which flies from City of Derry airport to Dublin and Sligo, said it had been on course to meet budget targets this year but was badly hit by the volcanic ash crisis.
Under Irish company law examinership effectively gives a business with a reasonable prospect of survival breathing space to deal with financial difficulties.
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