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Jones Day and Herbert Smith Freehills are representing the final two bidders in the competition to buy failed airline Virgin Australia.

U.S. airline investor Cyrus Capital Partners, represented by Jones Day, and U.S. fund Bain Capital, reportedly represented by Herbert Smith Freehills, are the final two bidders. HSF has declined to confirm its involvement, although it has been widely reported that the firm is representing Bain Capital.

"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," administrator Deloitte said in a statement.

Deloitte, which is being advised by Australian firm Clayton Utz, said it is still aiming for a final deal with a bidder by June 30.

"We will now spend the coming weeks facilitating in-depth bidder engagement with the stakeholders of the business and work closely with both preferred bidders in the lead-up to binding final offers being received," the firm said in a statement.

"The strong interest coming from all parties has generated the competitive tension we have sought that is important in a process such as this, and we are in a strong place when it comes to delivering the best possible commercial outcome for all creditors, and to see a strong and sustainable Virgin Australia emerge from this process."

Deloitte has been whittling down the number of bidders for several weeks and closely interviewed the remaining three, which included local fund BHG Capital, represented by the boutique corporate firm Arnold Bloch Leibler, about how they would run the airline.

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.