It's understood an emergency rescue package for Flybe will be discussed by the UK government today.
The deal would allow the regional airline - which carries 8 million passengers every year, to delay paying a £100m tax bill until 2023.
If Flybe is unable to stitch together a rescue deal, it would be the second major airline collapse in four months, following Thomas Cook last September.
Flybe operates about 75 aircrafts and serves more than 80 airports including Ronaldsway.
The news comes less than a year after the Exeter-based organisation was bought out by a Virgin-Atlantic led consortium.
Boris Johnson has warned there's a limit to what the government can do to help Flybe.
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