Flybe has rejected a bid from the American airline, Mesa Air to buy the troubled service.
The regional group which operates services to and from Jersey and Guernsey, has said it does not believe the offer gives enough time for the airline "to continue to trade."
Flybe's shares doubled to 2.9 pence after news that the consortium, including Mesa Air and former Stobart boss Andrew Tinkler, had put an offer in to purchase it.
The rival rescue bid comes after the Connect Airways coalition, consisting of Virgin Atlantic's Sir Richard Branson and the Stobart Group, put in an offer to buy the company in January.
It said it will continue with the offer from Mr Branson's consortium.
The Mesa consortium is proposing to make a capital injection of £65 million at 4.5 pence a share.
However, under the Connect deal, around £100 million could be made available to the company.
Under the terms of the Connect deal, buyers will pay £2.8 million to take control of the main trading of Flybe as well as the online arm of Flybe.com
It is expected to complete the purchase of the wider holding company for 1 pence a share.