Beleaguered German airline Air Berlin is the subject of a €500m bid from a subsidiary of Hans Rudolf Woehrl's INTRO Group.
Germany's second biggest operator filed for bankruptcy protection in August and has since been the subject of interest from a number of potential buyers.
INTRO-Verwaltungs GmbH, an INTRO Group company, has now confirmed its bid of €500m for the whole of Air Berlin. Woehrl completed a similar deal for Deutsche BA from British Airways in 2003.
Other airlines and investors - such as Lufthansa, Condor, Germania and TUI - have been invited to participate in the bid but INTRO remains confident of its capacity to transform Air Berlin's fortunes.
"If there is no participation by other airlines, INTRO and its investors are in a position to turn around Air Berlin by themselves, they have repeatedly proven their ability to do this in the past," it said in a statement.
Lufthansa previously rejected the opportunity to partner in a bid after INTRO last month made public their initial interest in a takeover.