Virgin Australia Holdings Ltd is expected to receive as many as eight non-binding indicative offers from potential buyers, which will be whittled down over the next few days to a shortlist of around three, its administrators said.
The country’s second-biggest airline entered voluntary administration last month, owing creditors nearly A$7 billion.
The administrators at Deloitte aim to agree a deal with a buyer by the end of June.
Private equity groups BGH Capital, Bain Capital and Brookfield are reportedly the leading contenders to buy the business.
A Bain spokesman confirmed the company intends to bid as part of the process.
BGH and Brookfield did not immediately respond to requests for comment.
Administrator Vaughan Strawbridge said in a statement on Friday that eight of the nearly 20 parties that had accessed the company’s data room had been advanced enough in their interest to be given its forward-looking Virgin 2.0 business plan.
“From here, we will start working even more closely with the short-listed parties,” he said.
“This will involve access to more detailed business and operational information, management presentations and workshops, and key stakeholder interactions from across all areas of the business, to allow them to prepare a definitive and binding proposal.”
Binding offers for Virgin are due on June 12, Strawbridge said, adding the sale timetable was aggressive but one he was confident of achieving.
Morgan Stanley and Houlihan Lokey are advising the administrators on the sales process.