Virgin administrator Deloitte is expected to narrow down the parties circling Virgin to two groups on June 12, which is the next stage in the process.
Brookfield pulled out of the process after it was not selected in the first round and local private equity form BGH was still to sign the necessary nondisclosure agreement this morning to allow it to proceed to the next round.
BGH is expected to sign the NDA documentation today.
The other potential bidders include Cyrus Capital, the New York-based hedge fund which was established by Stephen Freidheim in 1999.
It was one of the original backers to Virgin America when Sir Richard Branson established the airline.
US-airline investor Indigo Partners has teamed up with Oaktree Capital as another possible bidder, with Bain being the fourth contender.
When the parties are narrowed to two they will be free to negotiate deal with some of the lease holders to knock out bad contracts, before a final deal.
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