Beleauguered carrier Mexicana suspended 15 international routes over the weekend, including Sao Paulo, Montreal and Chicago, but as of today has reinstated the Madrid and London routes.
The airline's staff are in talks with potential buyers, according to Reuters, with Mexico's other major airline AeroMexico cited as a possibility.
In an official statement, Mexicana said: "Although flights will be reduced to a minimum over coming days, the airline and its employees are determined to make an effort to continue operating out of concern for passengers.
"It is hoped an agreement will be reached with union leaders and that additional resources can be obtained to secure the financial viability of the carrier."
It warned passengers hoping to travel in the "immediate future" to consider alternatives.
Mexicana's financial situation has deteriorated rapidly, after it filed for bankruptcy protection in the US and Mexico.
The carrier suspended ticket sales last week, for international routes, blaming IATA for the move.
The Mexican airline blamed cabin crew and pilots, saying the "non-competitive crew labour costs"were the main reason the company has continued to suffer losses.
The Oneworld member has registered losses of US$350 million from 2007 to date.