A representative of the Smartwings Group, which owns Czech Airlines, says its collapse could threaten up to 60,000 jobs, Czech Radio reports.
Firm ombudsman Vojtěch Lažanský said an analysis he had produced also indicated commercial flying schools in the Czech Republic could be forced out of business if the indebted company went bust.
Government members have spoken about the possibility of the state buying out Smartwings or providing it with some other form of support.
However, opposition politicians and some analysts have criticized the idea, saying it is not a strategic company. Smartwings has around 2,000 employees, Czech Radio notes.