Stobart Group is pondering a move for its two former aviation businesses, which were sold to the Virgin Atlantic-backed Connect Airways consortium when it acquired Flybe in February 2019.
The group, which owns Southend airport, said it was "reviewing all options" in relation to the future of regional carrier Stobart Air and leasing firm Propius, including acquisition. Neither business is in administration.
Flybe collapsed in March when Connect decided to pull its funding for the business owing to the impact of the coronavirus crisis.
Stobart Group held a 30% stake in Connect, as did Virgin, with private equity firm Cyrus Capital Partners holding the remaining 40%.
It believes Stobart Air and Propius could have a "viable future", post-Covid-19, by working with existing Stobart Group franchise partner Aer Lingus.