CityJet is aiming for profitability next year after being sold to German company Intro Aviation.
The Swords-based airline has detached from Air France-KLM and will continue to be run by chief executive Christine Ourmieres. Belgian arm VLM has also been sold to Intro Aviation.
A rebrand is now planned for the airline in June as well as a fleet renewal to operate longer flights, although there are limitations to aircraft sizes from its hub at London City.
According to the Irish Times Air France has cleared its debt as part of the transaction to Intro Group, and CityJet will continue to operate flights for Air France into Charles de Gaulle until 2017. Codeshare agreements have also been signed with both Air France and KLM.
All 850 staff at CityJet are expected to keep their jobs.
Intro Aviation has a history in restructuring airlines and has previously invested in Eurowings and Austrian regional carrier InterSky.