A bankruptcy judge could order the liquidation of Mexicana de Aviacion on Friday, although it is more likely that the beleaguered carrier will receive yet another reprieve.

The airline, which has been grounded since it filed for Mexico’s equivalent of Chapter 11 protection in August 2010, is just days from a deadline imposed by its bankruptcy court to find investors prepared to fund a reorganization and revive the airline’s operation. Such a group last week convinced the judge it has $415 million to invest, and talks with the Mexican government have begun to confirm operating and route authorities.

Those investors, known as MedAtlantica, also are being vetted by regulators, a process that may last beyond the airline’s Feb. 10 deadline. A decision by the bankruptcy court will not be made until that day, but extensions have previously been granted when offers to purchase Mexicana have been emerged.

Should the judge reverse this trend, and all prior offers have failed at an early stage, Mexicana will be formally liquidated next week, although the process of valuing and selling its assets—essentially the Mexicana maintenance, repair and overhaul operations—will take weeks, if not months, to complete. Possible beneficiaries from such a liquidation include Mexicana’s rival Aeromexico, which is hoping to build a formidable maintenance operation across the region in partnership with SkyTeam partner Delta Air Lines.