Administrators managing the financial affairs of Virgin Australia say there is a total of 20 interested suitors for the airline.
Administrator Deloitte Australia has given eight bidders access to a data room and is in talks with a dozen other potential bidders.
Following the first creditors’ meeting it was revealed the airline owes nearly A$7 billion.
It expects to conclude the process as early as the end of June.
"In terms of next steps, mid-May is currently the timeframe for the receipt of indicative offers. Binding offers will then be required in June. We remain confident that our target of achieving a sale by the end of June is achievable," said administrator Vaughan Strawbridge.
Firms having made an expression of interest include Apollo Global Management, Oaktree Capital Management and BGH Capital, according to media reports.
US based airline investor firm Indigo Partners is also keen to make a bid.
Strawbridge said Virgin likely has sufficient assets to pay employees wages and benefits.
Its debts include A$2.3 billion owed to banks, A$2 billion to unsecured bondholders, and A$1.9 billion to aircraft lessors.
