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Three bidders remain in the race to buy failed airline Virgin Australia, with the administrator, Deloitte, closely questioning each Monday about their plans for the airline as it seeks to whittle the list down to a final two.

The Deloitte team held separate two-hour calls with each of the three remaining bidders on Monday, a source with knowledge of the process said. The calls covered the bidders' funding arrangements and business plans for the airline.

U.S. airline investor Cyrus Capital Partners, local private equity fund BGH Capital and U.S. investor Bain Capital are the remaining parties from over a dozen different potential buyers who initially expressed interest in the airline.

Deloitte had been expected to announce the final two bidders Sunday but has gone back to the remaining parties for more information.

Airline investor Cyrus Capital Partners is represented by Jones Day, while local boutique corporate firm Arnold Bloch Leibler is representing BHG Capital.

Bain Capital is represented by Herbert Smith Freehills, according to reports. The Anglo-Australian firm has declined to confirm its involvement.

The final two bidders are expected to be revealed Tuesday morning, the source said.

The Virgin Australia board put the airline into voluntary administration—similar to Chapter 11 bankruptcy protection in the U.S.—in mid-April after the government refused financial assistance to the airline and major shareholders Singapore Airlines and Etihad Airways, Chinese conglomerates Nanshan Group and HNA Group, declined to further support the carrier.

Australian firm Clayton Utz is advising Deloitte.

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