Highland Airways operates in Scotland and Wales
Board members of financially-troubled Highland Airways have said they were "cautiously optimistic" about the company's future.
The airline has signed an agreement with a potential investor to help push ahead with negotiations.
Highland Airways said it was only accepting bookings on all scheduled flights until the end of March.
It said bookings beyond this point were not being taken but will be available as soon as possible.
Highland Airways runs air services between Cardiff and Anglesey, Stornoway and Benbecula in the Outer Hebrides and also Oban and the Inner Hebrides.
Other activities include aerial work, newspaper delivery to some Scottish islands, corporate staff shuttles and air charter.
In a statement, the board said: "Highland Airways has been in discussions with a potential purchaser of the entire share capital of the company.
"More recently we have signed an exclusivity agreement with this party and they are currently negotiating with the key stakeholders and creditors in the business in order to ensure its future viability.
"Subject to satisfactory resolution of these ongoing negotiations the board of Highland Airways are now cautiously optimistic and we are now accepting bookings on all Highland Airways scheduled flights until the end of March."