Bain Capital and Cyrus Capital Partners are the preferred bidders to acquire Virgin Australia, Deloitte says.
Five non-binding indicative proposals were received on Friday, and Deloitte has culled the short-list down to the two US private equity firms.
“Both Bain Capital and Cyrus Capital Partners are well-funded, have deep aviation experience, and they see real value in the business and its future,” Deloitte administrator Vaughan Strawbridge said in a statement on Tuesday.
Mr Strawbridge said there would be speculation that the losing parties – believed to be Melbourne-based BGH Capital, Indigo Partners and Brookfield Asset Management – would partner with the remaining parties.
“That will, of course, be a matter for them,” Mr Strawbridge said.
He said it was still Deloitte’s intention to have a binding agreement to sell Virgin by June 30.