The revelation came despite them losing a Federal Court case on Friday to gain access to secret details of Bain’s ‘winning’ proposal.
US investors Cyrus said it pulled out due to a “lack of engagement” with the administrator which had “not returned calls, emails or meaningfully engaged”.
The offer will involve $800 million to recapitalise the airline and $125 million to keep the business alive during the administration process.
The airline’s bondholders have reportedly drafted in a team of aviation experts to formulate a bid that would involve swapping their debt for equity.
Bain Capital has reacted to news the airline’s bondholders have launched an 11th-hour bid by making a series of new promises to staff.