The company says a letter of intent was signed last week on additional investments in its working capital, which will put it in a better position to continue profitable operations.
It would not name the new potential investor, however.
"A new shareholder is possible, but we can't say at this stage who he is," told Simonas Bartkus, marketing director at Small Planet Airlines.
"When the whole process takes place, (we'll disclose), but this is probably not going to happen this week," he added.
Small Planet Airlines, which has laid off or is in the process of laying off almost 90 employees, said on Monday it planned to keep more than 200 jobs in Lithuania.
The company on Monday filed its restructuring plan and its financial figures and forecasts with Lithuania's Civil Aviation Administration (CAA).
CAA Director Joris Gintvilas told on the same day that the authority would look on Tuesday at whether the documents were in line with the company's expectations.
The airline has filed for restructuring with German, Polish and Lithuanian courts. The Vilnius Regional Court is to announce its decision on November 28.
The airline also operates in Cambodia.
