An auction for Flyi, which operates low-cost carrier Independence Air, will be held Jan. 3 if more than one qualified bid for the company is submitted.
The judge also said the airline can return airplanes it has grounded.
Independence Air spokesman Rick DeLisi said the airline wants to return 22 regional jets immediately.
"These are aircraft we have long since stopped operating," he said.
Independence has cut its fleet to 30 regional jets, which seat 50 passengers, and 12 Airbus A319s, which seat 132 passengers.
Flyi listed assets of about $ 378.5 million and liabilities of $ 455.4 million when it filed for bankruptcy.
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