Jetmagic, the Cork-based airline that collapsed last month owing an estimated €3.5 million to creditors, could be airborne again within three months if the interest expressed by several new investors materialises, the airline's chief executive, Mr Barry Perrott, has said.

The company was forced to cease operations on January 28th after one of its largest creditors, Aer Rianta, impounded the only one of the carrier's three aircraft parked at Cork airport. The closure forced 400 passengers to make their own way home from destinations throughout Europe and the UK.

At the time it was widely predicted that a liquidator would be appointed within weeks, after a press release stated the airline had not proved viable, with "expected passenger demand not materialising". It said an extraordinary general meeting of shareholders was to be convened to consider winding up the company.

However, Mr Perrott's revelation that there are now a handful of investors actively considering the airline's amended business plan - which was drafted last November following the departure of the founding chief executive Mr Patrick Raftery in September - signals a possible dramatic comeback.

Mr Perrott said: "Since we've suspended trading, and technically we have not entered liquidation at the moment - we have suspended operations, there have been several new interests expressed but each of them will take time to work with." He added he was "hopeful, but not confident" of the company's chances of resurrection.

Under the new plan it was proposed Jetmagic should concentrate on the London city and Belfast routes to secure the higher-paying corporate market, as well as increase the number and size of its fleet from three Embraer 37-seat and 49-seat aircraft to seven or eight larger planes.

Although Mr Perrott declined to give the exact sum needed for such extensive restructuring, he revealed the company was "looking for a figure which was as much as was invested as already, and more".

Jetmagic's failure cost its backers, who included former Aer Lingus chief, Mr Michael Foley, and the Munster-based Punch family, €11 million.

Mr Perrott said the new interest ranged from "trade investors to private investors", but declined to give any further details other than to stress that management was anxious to "listen and see what we can do for our staff and creditors".

He also indicated that management would be prepared to change Jetmagic's business plan if one of the major backer's expressed dissatisfaction with it, commenting: "If somebody out there is prepared to invest then their agenda has to be listened to" Jetmagic was targeted primarily at the corporate market but its quality service, leather seats and relatively low fares soon attracted a sizeable interest from non-business fliers who made its Nice, Barcelona and Milan routes some of the airline's most profitable.